Venture capital firm Symbiosis II LLC filed suit in Delaware against Platelet Biogenesis Inc., claiming it was duped into investing by the biotech company’s fraudulent hype about a potential breakthrough platform for treating arthritis and autoimmune diseases.
The lawsuit, made public Thursday, seeks to rescind the transaction, which involved a $10 million “series B” ante by Symbiosis, followed by a second investment of the same size if the stem-cell-based therapies Platelet was developing hit certain regulatory milestones.
Platelet didn’t immediately respond to a request for comment Thursday.
The heavily redacted suit in Delaware’s Chancery Court accuses Platelet of making “months ...
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