Cryo-Cell won the lawsuit. Here's the press release:
biz.yahoo.com
Press Release Source: CRYO-CELL International, Inc.
CRYO-CELL Announces Victory in Patent Litigation
Thursday December 16, 8:30 am ET
Delaware Court Finds No Infringement of PharmaStem's Patents
OLDSMAR, Fla., Dec. 16 /PRNewswire-FirstCall/ -- CRYO-CELL International, Inc. (OTC Bulletin Board: CCEL - News; the "Company") is pleased to announce that on December 14, 2004, the United States District Court for the District of Delaware issued an order entering a final judgment in favor of CRYO-CELL International, Inc. ("CRYO-CELL") in patent infringement litigation filed against it by PharmaStem Therapeutics, Inc. ("PharmaStem"). This order, which can be viewed at cryo-cell.com , effectively reverses every aspect of the October 2003 trial jury's verdict of patent infringement and damages award.
From an historical perspective, PharmaStem initiated patent litigation against CRYO-CELL and other umbilical cord blood banking firms in February 2002. After a trial in October 2003 before the Hon. Gregory M. Sleet and a jury, the parties filed post-trial motions, which were decided by Judge Sleet in an order dated September 15, 2004 (see CRYO-CELL's press release dated September 20, 2004). At that time, Judge Sleet granted the motion of CRYO-CELL and the other defendants for entry of judgment as a matter of law ("JMOL") on infringement of PharmaStem's U.S. Patent No. 5,192,553 ("the '553 patent") reversing the jury's verdict on the '553 patent. In the September 15 order, the court denied the defendants' motion for JMOL in their favor on infringement of U.S. Patent No. 5,004,681 ("the '681 patent"), but granted defendants' motion in the alternative for a new trial on that issue.
CRYO-CELL subsequently filed a motion asking the Court to reconsider the denial of JMOL on the '681 patent. The Court's December 14, 2004 order granted that motion, directing the entry of judgment in favor of CRYO-CELL and the other defendants on the '681 patent. The effect of this order is that final judgment has now been entered in favor of CRYO-CELL and the other defendants on PharmaStem's charges of infringement of both patents that were asserted in that case, marking a final disposition of the case in CRYO-CELL's favor. PharmaStem has the right to appeal the decision to the United States Court of Appeals for the Federal Circuit.
Mercedes Walton, CRYO-CELL's Chairman and interim CEO, commented, "We are very pleased that the Court has decided this case in the Company's favor. We believe that the Court's decision has vindicated our long-standing position that CRYO-CELL's U-Cord® preservation business does not constitute infringement of PharmaStem's patents, and we continue to believe that these patents will ultimately be rendered invalid. While we are certainly pleased with the final rulings of the Delaware Court, we regret the confusion and disruption created by this matter in the clinical and expectant parent communities during the course of the litigation. This decision is a landmark step in clarifying the right of CRYO-CELL to continue to serve the growing demand for the Company's services of preserving non-controversial umbilical cord blood stem cells."
About CRYO-CELL International, Inc.
Based in Oldsmar, Florida, CRYO-CELL is the world's largest U-Cord® stem cell banking firm, offering high-quality cord blood preservation exclusively for the benefit of newborn babies and possibly other members of their family. CRYO-CELL is accredited by the American Association of Blood Banks (AABB). CRYO-CELL is a publicly traded company. OTC Bulletin Board Symbol ... CCEL. Expectant parents or healthcare professionals may call 1-800-STOR-CELL (1-800-786-7235) or visit cryo-cell.com. |
