LAVAL, QC, June 11 /CNW Telbec/ - LAB Research Inc. (“LRI” or “LAB Research”) (TSX: LRI), a Canadian-based global non-clinical contract research organization, announces that Akela Pharma Inc. (the “Client”), the parent of LRI prior to its 2006 Initial Public Offering (“IPO”), a revised demand letter reaffirming the intention of the client to initiate legal recourses against LAB Research’s Hungarian subsidiary in relation to the studies completed in Hungary and rejected by the FDA earlier this year. In addition to the Client requesting the reimbursement of the costs of the studies which totalled 2.74 million Euros, the Client is also seeking payment of the costs to repeat the studies evaluated at US$5 million as well as damages in the amount of US$20 million representing the licensing fees the Client claims it would have received from a potential partner. Finally, the Client reaffirmed its intention to seek from LRI damages associated with the reduced market capitalization and loss of rights under the Client’s existing licensee which they admittedly could not calculate.
