Man claims biotech company owes him $50K

GALVESTON - A Galveston man seeks to recover approximately $50,000 from his employer, recent court documents say.

Leonard J. Giblin III filed suit against biotechnology company Regenetech, alleging it failed to pay his salary in accordance with a written contract. The breach of contract suit was filed Nov. 5 in Galveston County District Court.

Giblin was paid as a member of Regenetech's board of directors and the audit committee until he was constructively discharged, the suit says.

According to the original petition, the defendant owes Giblin $37,258 for salary; $7,500 for board compensation and $3,750 audit committee compensation.

Regenetech's chief financial officer acknowledged that it needed to pay Giblin a total of $50,508, but the company has failed and refused to remit compensation, the suit argues.

Giblin, who is representing himself, also seeks a jury trial.

The case has been assigned to Galveston County 10th District Court Judge David Garner.

Case No. 10-cv-4106