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Alector Provides Update on Arbitration Proceedings with Dr. Asa Abeliovich
Independent arbitrator finds in favor of Alector in confidential arbitration proceedingsDr. Abeliovich remains bound by contractual obligations related to the
About this update from Alector, Inc.
[{"type":"text","content":"Independent arbitrator finds in favor of Alector in confidential arbitration proceedingsDr. Abeliovich remains bound by contractual obligations related to the confidentiality of the company’s intellectual property rights SOUTH SAN FRANCISCO, Calif., Nov. 02, 2020 (GLOBE NEWSWIRE) -- Alector, Inc. (Nasdaq: ALEC), a clinical-stage biotechnology company pioneering immuno-neurology, today announced that an independent arbitrator issued an interim, confidential decision in favor of the company in its dispute with Asa Abeliovich, M.D., Ph.D., founder and chief executive officer of Prevail Therapeutics. The arbitrator found Dr. Abeliovich liable for breach of his consulting agreement with Alector and for spoliation based on his destruction of documents relevant to the proceeding. The arbitrator awarded damages for breach of the agreement, and sanctions for the spoliation as well as violation of orders during the proceeding. The monetary amounts of the damages and sanctions will be determined in further proceedings.\n “Alector is pleased with the arbitrator’s decision, confirming Dr. Abeliovich’s contractual obligations to Alector, and we look forward to bringing this legal matter to a conclusion,” said Arnon Rosenthal, Ph.D., co-founder and chief executive officer of Alector. In June 2019, Alector initiated a confidential arbitration proceeding against Dr. Abeliovich, its former co-founder and consulting chief scientific officer and chief innovation officer, related to alleged breaches of his consulting agreement and the improper use of confidential information he obtained during the course of providing services for the company. Details relating to the arbitration proceeding and its outcome are confidential. About Alector Alector is a clinical stage biotechnology company pioneering immuno-neurology, a novel therapeutic approach for the treatment of neurodegenerative diseases. Immuno-neurology targets immune dysfunction as a root cause of multiple pathologies that are drivers of degenerative brain disorders. Alector is developing a broad portfolio of programs designed to functionally repair genetic mutations that cause dysfunction of the brain’s immune system and enable the rejuvenated immune cells to counteract emerging brain pathologies. The Company’s product candidates are supported by biomarkers and target genetically defined patien...