Since the Wealth Magazine report was released on 14th Aug 2014, the misleading report on Medigen’s PI-88 New drug development has caused serious harm to Medigen.In defene of our company’s reputation and the rights of our shareholders, Medigen filed a lawsuit in August 2014 against Wealth Magazine. After discussions and negotiations between both parties, Wealth Magazine agreed to remove the erroneous report from its website, and issued a notice of correction with apology to Medigen (published on Aug.31st, 2015). The full text of the notice of correction is translated as followed:
Wealth Magazine hereby corrects the content of the cover story of issue No.457 published on Aug 14th last year, entitled “New drug development and stock market scam” as below:
1. The upper figure on page 90 of the magazine cited a review paper written by Affiliated Tumor Hospital of Guangxi Medical University and published on the Scandinavian Journal of Gastroenterology, instead of “an official report published by the NIH” as stated in our report,this review paper quoted the results of PI-88’s phase II clinical trial published on a medical journal and stated that larger clinical trial is required to determine the efficacy of PI-88. We did not verify the above facts and incorrectly reported that: “Medigen deliberately ignored a report issued by the US National Institute of Health (NIH)” and that “even PI-88 was shown ineffective in NIH’s report, Medigen insisted on conducting double-blind trial for the interim analysis”.
2. The double-blind study of PI-88 phase III trial is a standard protocol commonly used by global pharmaceuticals and biotech companies, instead of an unconventional study as stated in the report. Therefore, we mistakenly reported that “Medigen insisted on conducting double-blind study for the interim analysis despite of the NIH report”.
3. Based on the above corrections, we mistakenly used the following titles for the issue No.457: “New drug development and stock market scam” “Disclosure of an official report revealing Medigen’s new drug development as a scam”. We apologize to Medigen Biotechnology Corp. and all people involved for all inconvenience caused.
Source：Page 156 of Wealth Magazine issue No.483 on Aug 13th, 2015.