Court Affirms $7 Million in Damages for Innogenetics (Public, EBR:INNX) in Patent Infringement Suit Abbott Laboratories (Public, NYSE:ABT)
Court Affirms $7 Million in Damages for Innogenetics in Patent Infringement Suit
Judge Denies Abbott Laboratories' Requests for New Trial
GENT, Belgium and MADISON, Wis., Jan. 4
Biotechnology Company Innogenetics announced today that a U.S. District
Court judge for the Western District of Wisconsin affirmed a previously
awarded $7 million damage verdict against Abbott Laboratories for
infringing the company's HCV genotyping patent. In the same ruling the
judge rejected Abbott's requests for a new trial on infringement and
validity.
The January 3, 2007 order also granted Innogenetics' motion for
prejudgment interest on the damage award and set a January 11 evidentiary
hearing date to consider the company's request for a permanent injunction
against Abbott's sale of infringing products. The judge's opinion vacated
the jury's determination that Abbott willfully infringed Innogenetics'
patent, and declined to award enhanced damages or attorneys fees.
"By upholding the jury's award of damages, today's ruling sends a
message to companies large and small that mistakenly believe they can
misappropriate others' innovations without regard for the law," said Frank
Morich, CEO of Innogenetics.
This litigation began in September 2005 when Innogenetics sued Abbott
Laboratories alleging that Abbott was infringing the company's United
States patent covering a method of genotyping the Hepatitis C Virus (U.S.
Patent No. 5,846,704, "the '704 patent"). Major diagnostic companies such
as Bayer, Roche, and Third Wave Technologies have taken a license to this
key patent in the field of HCV genotyping. On September 1, 2006, a jury
returned a unanimous verdict for Innogenetics that the '704 patent was
valid in all respects. On September 8, 2006, the jury unanimously found
that Abbott's actions had been willful, and directed Abbott to pay
Innogenetics $7 million in damages related to the infringement to date.
Today's ruling was on post- trial motions filed by Abbott seeking a new
trial, and Innogenetics' motions seeking an injunction against Abbott as
well as enhanced damages and attorneys fees.
About Innogenetics
Innogenetics is an international biopharmaceutical company building
parallel businesses in the areas of specialty diagnostics and therapeutic
vaccines.
In 2005, total revenues (product sales, royalties, and license fees)
reached euro 48.6 million, with a profitable Specialty Diagnostics
Division. Its Diagnostics Division develops a large number of specialty
products covering three areas: infectious diseases (hepatitis C, hepatitis
B, and HIV), genetic testing (HLA tissue typing and cystic fibrosis), and
neurodegeneration (Alzheimer's disease). In its Therapeutics Division,
Innogenetics focuses on the development of therapeutic vaccines to address
unmet medical needs in the field of infectious diseases, with two compounds
now in clinical trials (hepatitis C in phase IIb and hepatitis B in phase
I).
Founded in 1985, Innogenetics is listed on Euronext Brussels [Ticker:
INNX]. Innogenetics' headquarters are in Gent, Belgium, with sales
subsidiaries in France, Germany, Italy, Spain, Brazil, and the United
States. Innogenetics employs 525 people worldwide and has a market
capitalization of approximately euro 282 million.
For further information, please contact:
Filip Goossens
Investor Relations Manager
Phone + 32 9 329 1639
Fax + 32 9 245 7625
investor_relations@innogenetics.com
http://www.innogenetics.com
TVA BE 0427.550.660 RPR Gent
Jeremiah A. Hall
Feinstein Kean Healthcare
Phone 1 415 677 2720
Jeremiah.hall@fkhealth.com
Forward looking statement
This press release contains forward-looking statements that involve
risks and uncertainties, including but not limited to projections of future
revenues, operating income, and other risks. Prospective investors should
be aware that these statements are estimates, reflecting only the judgments
and projections of Innogenetics' management, and no undue reliance should
be placed on such forward-looking statements.
SOURCE Innogenetics
Judge Denies Abbott Laboratories' Requests for New Trial
GENT, Belgium and MADISON, Wis., Jan. 4
Biotechnology Company Innogenetics announced today that a U.S. District
Court judge for the Western District of Wisconsin affirmed a previously
awarded $7 million damage verdict against Abbott Laboratories for
infringing the company's HCV genotyping patent. In the same ruling the
judge rejected Abbott's requests for a new trial on infringement and
validity.
The January 3, 2007 order also granted Innogenetics' motion for
prejudgment interest on the damage award and set a January 11 evidentiary
hearing date to consider the company's request for a permanent injunction
against Abbott's sale of infringing products. The judge's opinion vacated
the jury's determination that Abbott willfully infringed Innogenetics'
patent, and declined to award enhanced damages or attorneys fees.
"By upholding the jury's award of damages, today's ruling sends a
message to companies large and small that mistakenly believe they can
misappropriate others' innovations without regard for the law," said Frank
Morich, CEO of Innogenetics.
This litigation began in September 2005 when Innogenetics sued Abbott
Laboratories alleging that Abbott was infringing the company's United
States patent covering a method of genotyping the Hepatitis C Virus (U.S.
Patent No. 5,846,704, "the '704 patent"). Major diagnostic companies such
as Bayer, Roche, and Third Wave Technologies have taken a license to this
key patent in the field of HCV genotyping. On September 1, 2006, a jury
returned a unanimous verdict for Innogenetics that the '704 patent was
valid in all respects. On September 8, 2006, the jury unanimously found
that Abbott's actions had been willful, and directed Abbott to pay
Innogenetics $7 million in damages related to the infringement to date.
Today's ruling was on post- trial motions filed by Abbott seeking a new
trial, and Innogenetics' motions seeking an injunction against Abbott as
well as enhanced damages and attorneys fees.
About Innogenetics
Innogenetics is an international biopharmaceutical company building
parallel businesses in the areas of specialty diagnostics and therapeutic
vaccines.
In 2005, total revenues (product sales, royalties, and license fees)
reached euro 48.6 million, with a profitable Specialty Diagnostics
Division. Its Diagnostics Division develops a large number of specialty
products covering three areas: infectious diseases (hepatitis C, hepatitis
B, and HIV), genetic testing (HLA tissue typing and cystic fibrosis), and
neurodegeneration (Alzheimer's disease). In its Therapeutics Division,
Innogenetics focuses on the development of therapeutic vaccines to address
unmet medical needs in the field of infectious diseases, with two compounds
now in clinical trials (hepatitis C in phase IIb and hepatitis B in phase
I).
Founded in 1985, Innogenetics is listed on Euronext Brussels [Ticker:
INNX]. Innogenetics' headquarters are in Gent, Belgium, with sales
subsidiaries in France, Germany, Italy, Spain, Brazil, and the United
States. Innogenetics employs 525 people worldwide and has a market
capitalization of approximately euro 282 million.
For further information, please contact:
Filip Goossens
Investor Relations Manager
Phone + 32 9 329 1639
Fax + 32 9 245 7625
investor_relations@innogenetics.com
http://www.innogenetics.com
TVA BE 0427.550.660 RPR Gent
Jeremiah A. Hall
Feinstein Kean Healthcare
Phone 1 415 677 2720
Jeremiah.hall@fkhealth.com
Forward looking statement
This press release contains forward-looking statements that involve
risks and uncertainties, including but not limited to projections of future
revenues, operating income, and other risks. Prospective investors should
be aware that these statements are estimates, reflecting only the judgments
and projections of Innogenetics' management, and no undue reliance should
be placed on such forward-looking statements.
SOURCE Innogenetics
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