US Lawsuit filed against Q-Med
* US Lawsuit filed against Q-Med * Ugo Grondelli elected new member of the Board at the Annual General Meeting US Lawsuit Q-Med has been informed that Biomatrix Inc. of the United States, a competitor of Q-Med, has filed a lawsuit against Q-Med and its founder Bengt Ågerup and related entities, claiming, among other things, ownership of Q-Med's intellectual property and NASHA technology. The lawsuit is based on an employment arrangement between Biomatrix and Bengt Ågerup in1986 and alleges, among other things, breach of contract and fiduciary duties. Q-Med's Board of Directors believes that the lawsuit is entirely without merit and intends to defend it vigorously. Annual General Meeting At the Annual General Meeting of Q-Med AB (publ) Ugo Grondelli, the former Deputy Managing Director of Gambro, was elected a new member of Q-Med's Board. The other members of the Board, Tomas Billing, Anders Milton, Björn Odlander, Robert Wikholm and Bengt Ågerup were re-elected, while Kurt Ågerup has declined re-election. Lennart Jakobsson and Hans Karlsson, KPMG Bohlins, were re-elected as the company's auditors. At the Annual General Meeting it was decided to authorize the Board to approve an issue of shares which would not trigger the shareholders' preemptive rights for up to a year following the Annual General Meeting. It was further resolved that the number of shares in the company should be increased from 1.187.000 to 17.805.000 by means of a small bonus issue and a 15 for 1 stock split. It was further resolved to change the Articles of Association in the light of a future potential listing on the Stockholm Stock Exchange and to comply with new provisions in the Swedish Companies Act. Furthermore, it was decided that there would be no dividend for the financial year 1998. May 6, 1999 Uppsala, Sweden Q-Med AB (publ) The Board Queries should be addressed to Per-Olof Wallström, Managing Director, on +46- 18-474 90 00 or +46-70-974 90 70. Q-Med AB (publ), Seminariegatan 21, SE-752 28 Uppsala, Sweden. Tel: +46(0)18-474 90 00. Fax: +46(0)18-474 90 01. Corporate identity number 556258-6882. Q-Med is a rapidly growing medical device company in Uppsala that develops, produces and sells non-animal hyaluronic acid based medical implants. All the products manufactured in-house by Q-Med are based on the company's patented technology for the production of NASHA - Non-Animal Stabilized Hyaluronic Acid. Q-Med is focused on aesthetics, osteoarthritis and urology. The company was founded in 1987 by Bengt Ågerup Ph.D. and today has a total of 92 employees, with 75 at Q-Med's production facility and head office in Uppsala and the remainder in wholly owned foreign subsidiaries. Turnover amounted to SEK 85 million in 1998. ------------------------------------------------------------ Please visit http://www.bit.se for further information The following files are available for download: http://www.bit.se/bitonline/1999/05/06/19990506BIT00250/bit0001.doc http://www.bit.se/bitonline/1999/05/06/19990506BIT00250/bit0002.pdf