The Court of Appeal for Ontario fully dismissed a reconsideration motion filed by Dr. Raza Bokhari, Quantum BioPharma Ltd.'s former CEO who was terminated for cause in 2021. This decision follows earlier legal proceedings, including an arbitration, which had already ruled against Bokhari's claims of wrongful dismissal. The initial arbitration resulted in a cost award of approximately C$2.81 million plus interest, with subsequent court decisions increasing the total to over C$3 million.
Following the Canadian legal ruling, Quantum BioPharma initiated collection proceedings in the United States, where the U.S. District Court for the Eastern District of Pennsylvania entered a judgment in the company's favor. Despite these legal setbacks for Bokhari, his appeal remains ongoing, currently maintained through a supersedeas bond exceeding $2.8 million. The legal victory represents a significant moment for Quantum BioPharma, a biopharmaceutical company focused on developing treatments for neurodegenerative, metabolic, and alcohol misuse disorders.
The company continues to advance its research through its subsidiary Lucid Psycheceuticals Inc., which is developing Lucid-MS, a promising compound designed to prevent and reverse myelin degradation in multiple sclerosis preclinical models. Beyond its core research, Quantum BioPharma maintains strategic investments and partnerships, including a 25.71% ownership stake in Celly Nutrition Corp. and a royalty agreement for the UNBUZZD product. These diversified interests demonstrate the company's multifaceted approach to pharmaceutical innovation and business development.
