Tracon announces enforcement action to collect arbitration award from I-Mab

TRACON Pharmaceuticals announced that it has commenced court proceedings in Hong Kong and the Cayman Islands to enforce an April 2023 arbitration award against I-Mab for approximately $23.0 million, plus interest. On June 14, 2023, TRACON served I-Mab with an order of the High Court of the Hong Kong Special Administrative Region provisionally allowing TRACON to begin enforcing that award as soon as July 13, 2023 in Hong Kong. “I-Mab issued a press release acknowledging that the arbitration award is final and binding, and stating that it would confirm the award promptly, so we are disappointed they are delinquent in paying the award,” said Charles Theuer, M.D., Ph.D., President and CEO of TRACON. “We commenced these judicial proceedings to collect the full amount I-Mab owes, including accumulating interest.”