CBTE rises 82.9% on news:
Commonwealth Biotech settles suit; stock soars
NEW YORK, May 8 (Reuters) - Commonwealth Biotechnologies Inc. (NASDAQ:CBTE), which provides research and development services to biotech companies, said on Tuesday it settled a patent dispute with genetic research equipment maker Applied Biosystems Group (NYSE:ABI), and the news sent its stock soaring more than 80 percent.
The Richmond, Virginia, company said the settlement stipulates that Applied Biosystems will receive a license to use products employing Commonwealth's patented DNA lane tracking technology for automated DNA sequencing.
Other terms of the settlement agreement are confidential, Commonwealth said.
Commonwealth shares were up $3.10, or 80.5 percent, at $6.95 in late Nasdaq trading. The stock has a 52-week range of $3 to $10.50.
Applied Biosystems, meanwhile, was down $1.04, or 3.1 percent, at $32.04 on the New York Stock Exchange, the low end of a 52-week range of $18.50 to $133.19. |
