GeneOneLifeScience Awarded 106.5 Billion Won in Damages in Lawsuit Against U.S.-Based Inovio
U.S. Court Orders Payment of 81.7 Billion Won in Damages for Breach of Contract and 24.7 Billion Won in Litigation Costs
Damages Amount to 260% of Equity… Dispute Over DNA Plasmid Supply Contract
GeneOneLifeScience: "We Will Take Legal Action, Including Filing a Motion to Set Aside the Default Judgment and Filing an Appeal"
[E-Daily Reporter KIM SAE-MI ] GeneOneLifeScience(011000)has been ordered by a U.S. court to pay approximately 106.5 billion won in damages in a lawsuit alleging breach of contract with U.S. pharmaceutical company Inovio Pharmaceuticals. The amount of damages is approximately 2.6 times GeneOneLifeScience’s equity.
GeneOneLifeScience CI (Photo courtesy of GeneOneLifeScience) GeneOneLifeScience announced on the 21st that the Montgomery County Court in Pennsylvania, U.S., issued a default judgment ordering the company to pay a total of $80,416,101 (approximately 106.5 billion won) in a lawsuit for damages filed by Inovio.
The court awarded $61,750,789 (approximately 81.7 billion won) in damages for breach of contract, along with $18,665,312 (approximately 24.7 billion won) in attorneys’ fees and costs. The awarded amount represents 260.3% of GeneOneLifeScience’s equity of 40,898,060,000 won.
This lawsuit stems from a breach-of-contract dispute that Inovio filed in 2020 against GeneOneLifeScience and its U.S. subsidiary, VGXI. Inovio sought damages, alleging that GeneOneLifeScience failed to fulfill its obligations under a supply contract related to DNA plasmid production and the accompanying technology transfer obligations.
On the 19th, a U.S. court issued a default judgment, partially granting the plaintiff’s claims for damages and litigation costs. A default judgment is rendered when a party to a lawsuit fails to comply with the prescribed procedures.
GeneOneLifeScience plans to challenge the ruling and take legal action.
A representative of GeneOneLifeScience stated, “The company and its subsidiary will take proactive legal measures regarding this default judgment, including filing a ‘Motion to Vacate Default Judgment’ and appealing, based on procedural and substantive improprieties.”
The spokesperson added, “The default judgment was not rendered based on the relevant laws or facts of the case, and U.S. experts have opined that the plaintiff’s claims contain factual and legal errors,” further noting, “Even if the motion to vacate is denied, we believe we can mount an effective legal defense through an appeal.”
Meanwhile, GeneOneLifeScience has not yet received the court’s judgment and reported that it learned of the ruling through Inovio’s press release issued today.
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