Probably responding to this follow on article in the AFR today;
IQ Group 'copied parts' of biotech device plan, start-up claimsA start-up development company accused controversial biotechnology outfit iQ Group Global of pilfering plans to commercialise a saliva-testing device.
The dispute in the NSW Supreme Court, revealed on Monday by The Australian Financial Review, alleges development business Disrupt Group Holdings passed on commercially sensitive information to iQ chief executive George Syrmalis about the device, theoretically to help diabetics.
Disrupt passed on information while it was looking for an investor. But iQ subsequently nailed down an intellectual property agreement itself and has used the proposed device to promote the organisation’s growth potential.
While Dr Syrmalis admitted to receiving information about the project before signing that agreement, he has told court nothing from Disrupt constituted commercially sensitive information.
Ethical Bioscience was launched this year and has attracted scrutiny from market overseers, as the Financial Review revealed on the weekend.
That’s because it has told investors it can pay high-fixed returns and their money back within a year, based on investments in the typically long-term and highly risky biotechnology sector.
