Nicholas Teti and his management team at Isolagen Inc. (AMEX:ILE) of Exton are spending far less time then they would like developing what the company calls "emergent skin and tissue rejuvenation products."
First of all, there is the legal defense against a class action securities lawsuit and another against a class-action derivatives lawsuits that the company, in an SEC filing yesterday, says "distracts our management, is expensive to conduct and seeks a damage award against us." The cases have been around since 2005 and Isolagen is dutifully fighting them "vigorously."
And that's not the half of it. Teti's team finally has settled an evidently nasty separation dispute with former president and board member Susan Ciallella. It disclosed that back on June 8, the company and Ciallella agreed that she would get, among other payments, $690,000 by September, then another $40,000 each month until next July 2008, plus $1.7 million related to her "legal claims relating to her termination." The company is also paying her $159,245 legal fees. Ouch. Isolagen already has a deficit of about $148 million. It said this week that it's ability to continue operating is dependent on its ability to raise adequate capital prior to March 31, 2008. Nothing like a deadline to clear one's mind of distractions. A spokesman for the company declined to comment further to us about the situation.
Comments (7)
Isolagen treatments were to be so brilliant yet turned out to be a very nasty and cruel rip-off costing me thousands that I could ill-afford. I would like to make contact with The Isolagen Support Group in the UK so does anyone have the details for it please?
Posted by Liz | October 21, 2007 3:30 AM
Posted on October 21, 2007 03:30
funny you mentions "thumbs"....ive got a sore thumb
Posted by kate | August 16, 2007 5:56 PM
Posted on August 16, 2007 17:56
I am one of many involved in legal action here in the UK.
Would it not be more ethical for Isolagen Inc. to put as much energy into satisfying it's UK Customers with refunds as it does in its marketing !!
Isolagen UK shut up shop here very quickly, after having made the most marvalous predictions and taking thousands of pounds from us - now they don't even respond to our emails !
Posted by Chris | August 14, 2007 4:10 AM
Posted on August 14, 2007 04:10
And when are isolagen going to refund everybody who has wasted thousands of pounds on something that doesnt work ?
I notice Miss Ciaella has done alright for herself. If Isolagen can afford to award her that much when is some of it coming our way ?
MC UK
Posted by Maria C | August 13, 2007 4:52 AM
Posted on August 13, 2007 04:52
I GIVE A BIG THUMBS DOWN TO ISOLAGEN!
Posted by LINDA M | August 12, 2007 7:01 PM
Posted on August 12, 2007 19:01
It's hardly surprising they have a deficit of $148 million, as they're built on a fabrication of lies!
Posted by Julia | August 11, 2007 2:35 PM
Posted on August 11, 2007 14:35
There is also a pending law suit against the company from disgruntled uk customers, and legal actions by UK clinics who are being sued and having to pay out to people who tried Isolagen.
The recent bad press throughout Europe also cannot help the company's future performance.
Posted by Alan Stepney | August 11, 2007 2:14 AM
Posted on August 11, 2007 02:14