SOURCE: Radient Pharmaceuticals Corporation

Radient Pharmaceuticals Corporation

March 17, 2011 08:30 ET

Radient Pharmaceuticals Hires DLA Piper to Defend Company Against Class Action Lawsuit

TUSTIN, CA--(Marketwire - March 17, 2011) - Radient Pharmaceuticals Corporation ("RPC") (NYSE Amex: RPC) announced today it has retained law firm DLA Piper to represent the Company in a class action suit filed 2011 by The Rosen Law Firm, P.A. on March 11, alleging RPC has violated federal securities laws by misrepresenting the relationship of RPC with third parties in the Company's clinical studies of its Onko-Sure® in vitro diagnostic cancer test. The Company has been fully transparent in its relationship with third parties not only in its press releases but also by having attached the actual agreement defining the precise nature of that relationship in its public filings. Any claims to the contrary are meritless. DLA Piper will be defending the Company in the above suit. 

The Company stated there is no basis to the suit filed by The Rosen Law Firm and it intends to vigorously defend against the class action suit. Furthermore, it intends to seek action against various parties who have spread false, misleading and malicious rumors against Radient Pharmaceuticals, its business, and business practices.

Radient Pharmaceuticals Executive Chairman and CEO Douglas MacLellan commented, "RPC is determined to create and protect shareholder value and we have tasked DLA Piper's counsel to aggressively explore every option available to the Company in response to the above mentioned situations. We remain confident in the Company and believe RPC is in a solid position to build and grow the business on behalf of loyal shareholders."

For additional information on Radient Pharmaceuticals Corporation and its products visit: www.radient-pharma.com or send e-mail to info@radient-pharma.com. For Investor Relations contact Kristine Szarkowitz at IR@RadientPharma.com or 1.206.310.5323.

About Radient Pharmaceuticals:
Headquartered in Tustin, California, Radient Pharmaceuticals is dedicated to saving lives and money for patients and global healthcare systems through the deployment of its FDA-cleared In Vitro Diagnostic Onko-Sure® Test Kits for colon-rectal cancer recurrence monitoring. The company's focus is on the discovery, development and commercialization of unique high-value diagnostic tests that help physicians answer important clinical questions related to early disease-state detection, treatment strategy, and the monitoring of disease progression or recurrence. To learn more about our company, products, and potentially life-saving cancer test, visit www.radient-pharma.com.

Forward-Looking Statements:
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: The statements contained in this document include certain predictions and projections that may be considered forward-looking statements under securities law. These statements involve a number of important risks and uncertainties that could cause actual results to differ materially including, but not limited to, the performance of joint venture partners, as well as other economic, competitive and technological factors involving the Company's operations, markets, services, products, and prices. With respect to Radient Pharmaceuticals Corporation, except for the historical information contained herein, the matters discussed in this document are forward-looking statements involving risks and uncertainties that could cause actual results to differ materially from those in such forward-looking statements.

Contact Information

  • RPC Contact:
    Kristine Szarkowitz
    Director-Investor Relations
    Email Contact
    (Tel : ) 206.310.5323