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3ST Research Files Litigation Alleging Fraud And Conversion Of Inventor's Intellectual Property Rights By AMRI (AMRI)



9/12/2017 8:20:30 AM

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WESTFIELD, N.J., Sept. 12, 2017 /PRNewswire/ -- 3ST Research LLC, a company focused on the discovery, synthesis, and development of innovative abuse-resistant and abuse-deterrent opioids, announced the filing of litigation against Albany Molecular Research, Inc.  (Nasdaq: AMRI).  The lawsuit was filed on July 31, 2017 in the United States District Court in New Jersey.

Dr. John Thottathil, a noted medicinal chemist and the lead scientist at 3ST Research, invented and patented novel technology to address the epidemic of opioid abuse.  Dr. Thottathil initiated and then supervised the laboratory work on his inventions that had been subcontracted to AMRI.  Having become aware of the value of this research, the lawsuit alleges that AMRI fraudulently appropriated this research for its own benefit, added AMRI employees as co-inventors to patents on Dr. Thottathil's research, and sought to gain control of this intellectual property for its own benefit. Together, these actions by AMRI have markedly slowed research in this time-sensitive and critically important medical field, and have blocked Dr. Thottathil from further pursuing advances using his own technology.

In June 2017, AMRI announced that it had accepted an acquisition offer from The Carlyle Group and the private equity firm, GTCR.  The acquisition was formally completed on August 31, 2017.

About 3ST Research

3ST Research was formed to develop innovative drugs that can address the worldwide epidemic of opioid abuse.  The Company's technology involves the discovery and synthesis of novel drugs that alter the absorption or metabolism of commonly used drugs in order to benefit patients.  The Company's initial focus is the creation of opioid drugs that are both resistant to abuse, as well as deterrents to potential misuse.  3ST technology focuses on synthesizing opioids with drug complexes that are "Generally Recognized as SAFE" (GRAS) by the Food and Drug Administration (FDA), which can rapidly accelerate both development and approval of drugs that broadly advance human health.

Media Contact:
Tiberend Strategic Advisors, Inc.
David Schemelia, 212-375-2686
dschemelia@tiberend.com

View original content:http://www.prnewswire.com/news-releases/3st-research-files-litigation-alleging-fraud-and-conversion-of-inventors-intellectual-property-rights-by-albany-molecular-research-inc-amri-300517587.html

SOURCE 3ST Research


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