usiness Wire - Quotes ]
Tuesday April 8 8:08 AM EDT
ImmuDyne Relates Status of Shareholder Suit
HOUSTON--(BW HealthWire)--April 8, 1997--In the cases styled "Mark McLaughlin and Tom
McCarvill v. ImmuDyne, Inc., Byron A. Donzis, James D. Wood and Carmel Research, Inc., Cause No.
94-CI-035664 in the 225th Judicial District Court, Bexar County, Texas" and "ImmuDyne, Inc., Byron
A. Donzis and James D. Wood v. Mark W. McLaughlin, Cause No. H-95-5845, the United States
District Court, Southern District of Texas, Houston Division," the Court issued a Summary Judgment
Order, incorporating the terms of the original settlement between the parties. This settlement is
embodied in a Rule 11 Agreement signed by the attorneys for all parties. The parties had a 30-day period
in which to appeal the Summary Judgment Order, beginning February 28, 1997. No appeal was filed
within the time period specified. Mr. Donzis has, however, filed a Motion For New Trial, and Carmel
Research has filed a Motion to Modify Judgment. The hearings should be held within 75 days. If the
Judge does not grant a new trial, the parties will have another 30-day period in which to appeal.
ImmuDyne President L. Melvin Cooper commented, "Although there have been delays in reaching a final
settlement, Management's primary focus is on developing and expanding our business. We are
concentrating on establishing new distribution channels, and expanding sales and marketing activities in
all divisions. The current level of legal fees incurred for litigation is not material at this time. We will not
be distracted from the objective of moving the Company forward, thereby enhancing revenues and
shareholder value."
ImmuDyne, Inc. is traded on the NASD Automated Bulletin Board under the symbol IMMD.
ImmuDyne, Inc. is a Texas-based biotechnology company specializing in macrophage technology. It
has patented technology relating to immune system stimulants for cosmetic, human nutritional, animal
nutritional and aquacultural use. ImmuDyne, Inc., maintains offices in Houston, Texas and Palo Alto,
California. For more information on the Company, contact Margaret Dreyfus, at (415) 949-3864.
CONTACT: ImmuDyne, Inc.
Margaret Dreyfus, 415/949-3864 |
