LAS VEGAS, June 21, 2013 /PRNewswire/ -- CardioVascular BioTherapeutics, Inc. (CVBT) announced today that the Delaware Court of Chancery ruled that Mickael A. Flaa, Grant Gordon, Calvin A. Wallen III, Jon Ross, and Robert Schleizer will remain in place as the CVBT Board of Directors pending resolution of the lawsuit filed on June 9, 2013, by Mickael A. Flaa in that Court. The Delaware lawsuit seeks, among other things, to confirm the validity of the action by written consent of stockholders on June 7, 2013, to remove Daniel C. Montano, John (Jack) Jacobs, Ernest C. Montano, Viktoriya T. Montano, Ernest Montano III, and Joong Ki Baik as directors of CVBT. Pending resolution of the Delaware lawsuit, or further order of the Delaware Court of Chancery, the power of CVBT's interim Board of Directors to take certain [extraordinary] actions on behalf of CVBT will be limited by a status quo order, which has not yet been entered.
About CardioVascular BioTherapeutics
CVBT is a biopharmaceutical company developing drug candidates with FGF-1 as its active pharmaceutical ingredient (API) for diseases characterized by inadequate blood flow to tissue or organs. The company is the sponsor of a Phase II trial to treat severe coronary heart disease (CVBT-141H), and has received FDA authorization for a Phase I trial to treat peripheral arterial disease (CVBT-141C). A Late-Stage trial to treat chronic diabetic foot ulcers (CVBT-141B) is planned pending FDA approval.
Forward Looking Statements
This news release contains forward-looking statements that involve risks and uncertainties. Actual results and outcomes may differ materially from those discussed or anticipated. For example, statements regarding expectations for new research, progress with clinical trials or future business initiatives are forward looking statements. Factors that might affect actual outcomes include, but are not limited to, FDA approval of CVBT drug candidates, market acceptance of CVBT products by customers, new developments in the industry, future revenues, future expenses, future margins, cash usage and financial performance. For a more detailed discussion of these and associated risks, see the company's most recent documents filed with the Securities and Exchange Commission.
CardioVascular BioTherapeutics, Inc.
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SOURCE CardioVascular BioTherapeutics, Inc.