PRESS RELEASE: Statement regarding claim brought by Highland Capital Management, L.P.
Highland Capital’s allegations of malfeasance are entirely without foundation. Highland Capital made a high risk/high reward investment in experimental pharmaceutical technologies. Highland appreciated the risk it assumed, and stood to receive a very high rate of return had the investment turned out to be successful.
The investment failed to produce a return because the technologies at issue did not result in the revenues that Highland and other investors had hoped. Rather than accept responsibility for its investment decision, Highland sued various entities and individuals, including Mr. Evans-Freke, who bear no obligation to Highland Capital.
Mr. Evans-Freke intends to vigorously defend himself and those entities with which he is or has been affiliated against these baseless claims.
ENDS
Notes to Editor:
Stephen Evans-Freke is a Co-Founder and Managing General Partner of Auven Therapeutics, a global private equity fund based in St. Thomas with offices in Europe, Bermuda and the United States. The company acquires and invests in drug development programs worldwide.
Since leaving Wall Street in 1990, Stephen has founded or co-founded several pharmaceutical companies, including SUGEN, an industry leader in a novel class of cancer drugs, which was sold for $720m in 1999. He has also been involved in the development of key therapeutic drugs, such as Sutent and Avastin.
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