MELBOURNE, Australia, March 08, 2016 (GLOBE NEWSWIRE) -- Gordagen Pharmaceuticals Pty. Ltd., a privately-held company commercializing evidence-based nutraceuticals and pharmaceuticals, has secured a winding-up order from the High Court of Malaysia against Felda Wellness Corporation (FWC), a wholly-owned subsidiary of FELDA, on March 3, 2016.
The winding-up proceedings were initiated on September 14, 2015 due to genuine and admitted debts owed by FWC related to services provided by Gordagen and its subsidiary not being paid as and when they fell due.
After Gordagen made numerous attempts to negotiate an acceptable settlement of the debts during the last 14 months, statutory demands pursuant to Section 218 of the Malaysian Companies Act 1965 were issued by Gordagen’s and GPM’s Malaysian legal counsel, Izral Partnership, to FWC on August 20, 2015. FWC ignored these statutory demands, the debts remained unsettled and Gordagen presented a winding-up petition in the High Court of Malaysia on September 14, 2015.
Dr. Glenn Tong, Gordagen’s Managing Director and Chief Executive Officer, “While Felda Wellness Corporation has been a partner for Gordagen, we believe it was in the best interest of the Company to initiate the Winding-Up Order process. This will enable us to recoup any outstanding monies owed to Gordagen so that we can move forward with the marketing of our nutraceutical products and development of our pharmaceutical products.”
About Gordagen Pharmaceuticals Pty Ltd
Gordagen Pharmaceuticals is a privately-held Australian company developing and commercializing novel supplements and prescription medicines based on natural tocotrienols, found in vitamin E. The Company has developed a novel approach to delivering highly potent tocotrienols to target tissues using its proprietary and patent-pending “melt-then-swallow” delivery technology (MELT3TM). The Company is focusing on tocotrienols with wide therapeutic potential, initially targeting heart health, muscle soreness and exercise endurance.
www.gordagen.com