HOUSTON (CN) – Regenetech, a biotech company, claims its CEO and CFO created substantial harm to the company, running up more than $2 million in debt, and swiped trade secrets to start their own, competing company, Stematix.
Regenetech sued its former CEO David Bonner and CFO James Rogers in Harris County Court. Regenetech claims it has developed “an exciting technology of taking blood from a patient’s arm and then expanding/growing the adult stem cells therein to a therapeutic amount of cells that can later be transplanted back into the patient for tissue regeneration. Regenetech’s technology of expanding adult stem cells has the promise of, for example, literally regrowing the pancreas of a patient suffering from diabetes.”
Regenetech demands punitive damages. It is represented by Richard Zook with Thompson & Knight.