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.
