Holista Colltech (ASX:HCT) said the US Court of Appeals for the Second Circuit dismissed its appeal in proceedings brought against the firm by ProImmune relating to distribution agreements between the firms, according to a Monday ASX filing.
Holista filed the appeal after the district court for the Southern District of New York ruled against the firm in proceedings brought by ProImmune.
The award for damages following the dismissal totaling $2.1 million, including interest, costs, and damages, stands.
To enforce the judgment, ProImmune would have to bring proceedings in Australia under common law, which Holista said it would "defend vigorously," claiming that the judgment was obtained by fraud.
Holista alleges that it became aware that various representations made by ProImmune prior to Holista entering into the distribution agreements were false, and it is exploring the necessary steps to bring proceedings against ProImmune with respect to this loss.
ProImmune did not immediately respond to a request for comment from MT Newswires.
Holista Colltech's shares fell past 3% in recent trading on Monday.
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