Peptonic wins arbitration case in China
Peptonic Medical AB (publ) today announced that an arbitration court in China has ruled in favor of Peptonic in a dispute with Yuanjia Biotechnology Co., Ltd.
In November 2020 and February 2021, Peptonic Medical shipped goods to Yuanjia Bio in China for a total value of 406,000 EUR (approx. 4.4 MSEK). However, the goods were never paid for. As a result, Peptonic terminated the distribution agreement with Yuanjia Bio in August 2021 and filed an arbitration application against its former partner at a Chinese court. The court has now ruled in favor of Peptonic Medical and ordered Yuanjia Bio to settle the outstanding debt to Peptonic.
The arbitration procedure in China means that the local party becomes personally liable for debts or claims ruled by the court. This increases the likelihood that the defendant will accept the ruling and pay the outstanding debt.
“This is good news for us. However, we still need to collect the debt, but with the court ruling in our favor, our chances of success increase significantly. This is an important victory since it also shows we can defend Peptonic’s properties in challenging situations,” said Erik Sundquist, CEO of Peptonic Medical.
Erik Sundquist, CEO
Telefon: + 46 722 49 90 43
E-post: erik.sundquist@peptonicmedical.se
About Peptonic Medical AB
Peptonic is a Swedish innovative biomedical company that conducts research, development and sales of medical treatments and lifestyle products in the field of women’s health. Peptonic has divided its operations into two business areas: “Medical Consumer” and “Lifestyle Consumer”. The business area “Medical Consumer” is based on clinically proven intimate self-care and constitutes the company’s main focus and is sold under the VagiVital brand. The “Lifestyle Consumer” business area consists of lifestyle products with a focus on sustainable menstrual products and is sold under the Lunette brand. The company was founded in 2009 and the stock has been traded since 2014 on Spotlight (www.spotlightstockmarket.com) in Stockholm. More information about Peptonic Medical is available on www.peptonicmedical.se.