BIO-VASCULAR REPORTS DISPUTE ON ROYALTIES
BIO-VASCULAR REPORTS DISPUTE ON ROYALTIES ST. PAUL, Minn., July 31 /PRNewswire/ -- Bio-Vascular, Inc.
(NASDAQ: BVAS) said today that it had served an answer and counterclaim to a lawsuit brought by Bioplasty, Inc., (NASDAQ: BIOP) against Bio- Vascular on July 14.
Bioplasty brought a lawsuit to compel payment of a quarterly royalty. Bio-Vascular had not paid the royalty while investigating whether the royalty agreement was valid. Bio-Vascular has since paid the royalty under protest and will pay all future royalties under protest until the dispute is settled. In its answer and counterclaim, Bio-Vascular alleges, among other claims, that the original consideration paid and the royalties are excessive and that the contracts were the result of non-arm's-length transactions. The counterclaim seeks, among other remedies, to void the disputed contract and to have Bioplasty return all past payments. Bio-Vascular, Inc., based in St. Paul, is a manufacturer and marketer of proprietary consumable medical products for cardiac and vascular surgery. -0- 7/31/92 /CONTACT: Curt Swenson of Swenson Falker Eilertsen, 612-371-0000, for Bio-Vascular, or John H. Darnall or M. Karen Gilles, 612-631-3529, both of Bio-Vascular/ (BVAS BIOP) CO: Bio-Vascular, Inc.; Bioplasty, Inc. ST: Minnesota IN: MTC SU:
AL -- MN012 -- 5752 07/31/92 16:18 EDT
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|Date:||Jul 31, 1992|
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