Ciphergen Announces Settlement of Lawsuit
Thursday May 29, 8:59 pm ET
Settlement Provides Ciphergen Undisputed, Exclusive Rights to Baylor Patents Related to SELDI Technology
FREMONT, Calif., May 29 /PRNewswire-FirstCall/ -- Ciphergen Biosystems, Inc. (Nasdaq: CIPH - News) today announced settlement of its lawsuit with LumiCyte, Inc. and Molecular Analytical Systems, Inc. whereby Ciphergen acquires the exclusive rights granted to Molecular Analytical Systems under patents licensed from Baylor College of Medicine. These patent rights refer to technology known as SELDI-TOF-MS, and provide Ciphergen with an exclusive worldwide license and right to sublicense the technology and to commercialize any and all products, information and services derived from the technology without limitation. Furthermore, LumiCyte has assigned all rights granted to it from Molecular Analytical Systems and related to the Baylor College of Medicine patents to Ciphergen without restriction.
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William E. Rich, President and CEO of Ciphergen stated, "This settlement provides us with full exclusivity and freedom to exploit SELDI ProteinChip® technology, including the right to expand our rapidly growing Biomarker Discovery Center® services business to other potentially lucrative markets such as development of protein-based clinical diagnostics, theranostics and drug discovery products."
Under the terms of the settlement, the parties have released all claims against each other. In addition, Ciphergen will pay approximately $3 million in cash and issue approximately 1.25 million shares of Ciphergen stock to LumiCyte and will provide royalty payments, based on revenues, of up to $10 million over a 10-year period to Molecular Analytical Systems. |
