A jury of the California Federal Court in Los Angeles awarded $62,054,745 to Skye Biologics after a six-day trial and three-year suit against former employee Bryan Banman, the CEO of CTM Biomedical.
The Plaintiffs are Skye Orthobiologics, LLC and Human Regenerative Technologies (Skye Biologics). The company is based in El Segundo, California.
Banman, the Defendant, and CTM Biomedical operates from Toronto, Canada and from Miami, Florida.
Here is the lawsuit. Fourth Amended Complaint (DKT #130).pdf (dropbox.com)
The short summary is that Banman was a former employee of Plaintiffs from 2011-2018. He was the Senior Vice President. He resigned his position and unbeknownst to Skye started a competing company with Skye sales reps and coping Skye products, marketing strategies called CTM in violation of his confidentiality contracts and fiduciary duties. The two companies sell regenerative biologic medical products.
The jury found that Banman caused damage to Skye.
The Plaintiffs’ trial team was Ryan Saba, Jim Rosen, Todd Lander, Laura St. Martin, Neda Farah, and Allison Owens of Rosen Saba, LLP in El Segundo, California. The Defense trial team for CTM Biomedical was Ryan Cummings, Rob Fluskey and Matthew Parker of Hodgson Russ from Buffalo, New York.
Skye CEO Chris Sharp was born in Canada, and immigrated with his wife to California in 2006 to found various successful medtech companies. Currently he is the founder and CEO of Skye Biologics Holdings, and along with his team are leading the industry to create and commercialize biologic products to maximize therapeutic potential by harnessing the power of human biology to treat patients suffering from degenerative disease, damaged tissue, injury, and trauma.
“As one ages,” Sharp says, “the body’s ability to repair and remodel decreases, causing what is called a broken healing-loop due to a lack of native functional tissue. Employing innovative science, Skye is discovering and developing breakthrough therapeutics that hack and optimize the repair process that leads to organized advanced healing with minimal scarring, complications, failure, or re-injury.”
Skye’s novel approach begins with a platform of naturally advanced human biological material from which we have unraveled the code of complex molecules, isolating and applying them to treat a multitude of conditions across a range of surgical and non-surgical specialties – orthopedics, spine, sports medicine, chronic and complex wounds, plastic surgery, urology, gynecology and general surgery. Targeted therapies under development have the power to help upwards of 50 million patients per year.
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