TORONTO, May 16, 2025 – Ario Khoshbin, the founder and former CEO of Prollenium Medical Technologies Inc., has initiated a lawsuit in the Ontario Superior Court of Justice Commercial List against ArchiMed SAS, Panacea Holdings Inc., Prollenium Medical Technologies Inc., and related entities. The lawsuit includes claims of shareholder oppression under the Canada Business Corporations Act, in addition to breach of contract and wrongful termination.

Khoshbin established Prollenium in 2002 while still a university student. Over two decades, he grew the company into a global aesthetics enterprise with its own R&D, advanced manufacturing sites, and distribution in over 80 countries. Prollenium is the only company in North America that produces hyaluronic acid dermal fillers.

In 2021, Khoshbin sold a majority stake in Prollenium to ArchiMed, a European private equity firm, but remained CEO, a significant minority shareholder, and a board director.

According to the lawsuit, Khoshbin alleges that following the acquisition, ArchiMed began managing the company in a way that marginalized minority shareholders, prioritized short-term financial goals, and deviated from previous assurances regarding long-term growth and innovation. The suit claims Khoshbin was progressively shut out of important governance decisions and ultimately dismissed from his position without justification.

The lawsuit alleges that Khoshbin did not voluntarily resign, but was instead removed by a board vote on April 4, 2025, which contradicts public statements made by the Defendants at the time of his termination. The claim also alleges that Khoshbin’s termination was not preceded by any official performance review and that he had offered to support a smooth transition. It further alleges that ArchiMed had already selected Walter Geiger, an operating partner at ARCHIMED SAS based in Zurich, as interim CEO before the meeting, and that Geiger did not have a Canadian work permit when he was appointed.

The suit states that Geiger has been performing his duties from Prollenium’s facility in Richmond Hill.

After his removal, Khoshbin formally resigned from the Board of Directors of Panacea Holdings. He still holds a 30% indirect ownership stake in the company and owns both of its primary manufacturing facilities in Aurora and Richmond Hill, Ontario.

“The opportunity to build Prollenium into what it is today has been the defining journey of my professional life,” said Khoshbin. “My departure as CEO was sudden and not of my choosing, but my dedication to the company’s mission, legacy, its employees, and its long-term success remains steadfast.”

The lawsuit seeks various remedies, including a court order for the buyout of Khoshbin’s shares at fair market value, damages for wrongful termination, breach of contract, and damage to reputation. The allegations have not yet been proven in court.

SOURCE Ario Khoshbin

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