Derma Sciences, Inc. litigates liability under license agreement.OLD FORGE, Penn.--(BUSINESS WIRE)--Nov. 1, 1995--DERMA SCIENCES, INC. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : DSCI DSCI Decision Science DSCI Digital Serial Communications Interface DSCI Doctor of the Science of Creative Intelligence (Maharishi European Research University) DSCI Days Since Co-Op Incident ) (BSE/PSE: DMS) today announced that ABS LifeSciences, Inc. ("ABS"), a subsidiary of Integra LifeSciences Corporation (NASDAQ: IART), has filed a civil action against the Company in the United States District Court for the District of New Jersey The United States District Court for the District of New Jersey is the Federal district court whose jurisdiction is the state of New Jersey. It was established in 1789. New Jersey is the largest state by population to only have one District Court. The Honorable Garrett E. in which it claims damages in excess of $50,000 for alleged breach by DERMA der·ma n. See dermis. derma the corium, or true skin. SCIENCES of a license agreement with ABS. The license agreement generally provides that ABS will sell to DERMA SCIENCES, and license DERMA SCIENCES to resell the wound care products Chronicure(R) and Viaderm(R). The complaint alleges that DERMA SCIENCES: (1) breached its license agreement with ABS by failing to make certain payments and minimum purchases provided therein, and (2) committed business libel against ABS by publicly announcing that ABS had failed to honor its obligations under the license agreement. DERMA SCIENCES, in its answer to ABS' complaint filed today, denies the claims of ABS and asserts counterclaims of fraudulent misrepresentation, breach of contract and fraud in the inducement fraud in the inducement n. the use of deceit or trick to cause someone to act to his/her disadvantage, such as signing an agreement or deeding away real property. . In its counterclaims, DERMA SCIENCES seeks the following remedies and damages: (1) recision re·ci·sion n. The act of rescinding; annulment or cancellation. [Obsolete French, from Old French, annulment of a judgment, from Latin rec of the license agreement, (2) compensatory damages in excess of $700,000 representing unearned royalties, unsold and unsalable Un`sal´a`ble a. 1. Not salable; unmerchantable. Adj. 1. unsalable - impossible to sell unsaleable salable, saleable - capable of being sold; fit for sale; "saleable at a low price" product, production expenses, general and administrative expenses, injury to business interests and reputation, and (3) punitive damages. DERMA SCIENCES announced on September 7, 1995 that it had abrogated the license agreement with ABS due to the failure of ABS to produce and make available to the Company the wound care product Viaderm. DERMA SCIENCES, INC. is engaged in the development, marketing and sale of primarily proprietary sprays, ointments and dressings for the management of certain chronic non-healing skin ulcerations Ulcerations Breaks in skin or mucous membranes that are often accompanied by loss of tissue on the surface. Mentioned in: Hypersplenism such as pressure and venous ulcers, surgical incisions and burns. The Company markets its products through independent distributors, mainly to healthcare providers to the geriatric community such as nursing homes, similar extended care facilities, hospitals and home healthcare agencies throughout the United States. In addition, DERMA SCIENCES, INC.'s products are available in selected markets throughout the world through strategic alliances with local companies. CONTACT: DSCI, John T. Borthwick, (717) 457-1232 or L.G. Zangani Leonardo G. Zangani, (908) 788-9660 |
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