Conceptus settles with Hologic, giving back ~18 million, while Hologic withdraws Adiana from the market:
>>Conceptus ( CPTS) announced that it has reached an agreement with Hologic ( HOLX) to settle the ongoing patent infringement litigation related to Hologic's Adiana Permanent Contraception System. The settlement agreement resolves all outstanding litigation between Conceptus and Hologic. Under the terms of the settlement agreement, Hologic has agreed to remove its Adiana system from the worldwide permanent birth control market by May 18. In addition, Conceptus has relieved Hologic of the $18.8M payment for monetary damages awarded to Conceptus as part of the October 17, 2011 jury verdict. Both companies have agreed to withdraw their respective appeals. In February, Conceptus had filed an appeal to overturn the court's ruling denying its motion for permanent injunction against the sale of Hologic's Adiana system, and Hologic had filed an appeal of the jury's finding of patent validity and infringement. Hologic has also agreed to withdraw its False Patent Marking claims filed in 2009 in the United States District Court for Massachusetts. Furthermore, both parties will file with the United States District Court for Northern California appropriate motions seeking a consent judgment to the voluntary injunction of Hologic's sale of the Adiana product within the next 30 days. Lastly, Conceptus will receive non-exclusive licensing rights to the technology related to Hologic's Adiana system, limited to use in the field of permanent birth control. While Conceptus has been granted these rights, it does not intend to market the Adiana system.<<
snip
No longer have a position.
Cheers, Tuck |
