Federal lawsuit against Empyrean Bioscience dismissed.
The patent infringement claims arose from a complaint filed by Optima to intervene in an action filed by Empyrean against IBC and two of its principals in April 2000. Empyrean licenses the proprietary formulations for its products from IBC. Empyrean settled its claim against IBC in August 2000, which eliminated nearly $60 million in future minimum royalty obligations, secured Empyrean's exclusive rights to IBC products in the United States and committed IBC to invest up to $10 million to fund clinical trials of the GEDA Plus microbicidal contraceptive gel and to pursue all requirements of the United States Food & Drug Administration.
Empyrean remains a defendant in an action filed by Optima in the Circuit Court of the Eleventh Judicial District, Dade County Florida, which alleges that Empyrean tortiously interfered with Optima's relationship with IBC. Empyrean and IBC believe that the action is without merit and will be defended vigorously by IBC.
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|Comment:||Federal lawsuit against Empyrean Bioscience dismissed.|
|Publication:||BIOTECH Patent News|
|Article Type:||Brief Article|
|Date:||Apr 1, 2001|
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