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11/14/2012 7:30:13 AM
EDMONTON, Alberta, Nov. 14, 2012 (GLOBE NEWSWIRE) -- Isotechnika Pharma Inc. (TSX:ISA) today announced financial results for the third quarter ended September 30, 2012.
The Company's financial and administration resources in the third quarter ended September 30, 2012, were focused primarily on financing and licensing activities and on preparing for the ILJIN arbitration hearing which was held subsequent to September 30, 2012. The Company terminated the Development, Distribution and License Agreement ("DDLA") with ILJIN Life Science Co., Ltd. ("ILJIN") on January 30, 2012. As a result of ILJIN submitting a request for arbitration to the International Chamber of Commerce ("ICC") Court of Arbitration, the Company is currently engaged in arbitration proceedings under the ICC Rules of Arbitration. The ICC decision regarding the Company's right to terminate the DDLA is expected shortly.
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