Sydney, Nov 10, 2005 AEST (ABN Newswire) - Today's agreement between Ventracor (ASX: VCR) and Heartware (ASX: HTW) removes any potential uncertainty surrounding the issue of intellectual property currently owned by either party.
Importantly, no royalty or other consideration is, or will be, paid to either party pursuant to the settlement agreement.
With this distraction behind us, Ventracor management can fully focus on the rapid commercialization of the VentrAssist. Litigation is a distraction and costly.
Ventracor remains in a position of strength relative to other medical device companies active in this area with:
- the first third generation device in US clinical trials (three US patients implanted thus far);
- approaching 40 implants globally, including the patients in the Pilot trial; and
- revenues from implantation of the VentrAssist achieved in the US and Europe.
Ventracor will continue to set an aggressive program of milestone achievement and is on track to realizing a number of key long term milestones.
ASX Statement - Settlement of Dispute 9 November 2005
Ventracor Limited (ASX: VCR) and HeartWare Limited (ASX: HTW) advise that they have signed an agreement settling the patent disputes between their respective entities.
The settlement agreement will result in the complete and final cessation of all present legal proceedings involving Ventracor and HeartWare.
Investors are advised of the following key elements of the settlement:
(a) Each of Ventracor, the University of Technology Sydney as well as HeartWare have entered into covenants not to sue one another for infringement of certain patents.
(b) No royalty or other consideration is, or will be, paid to any party pursuant to the settlement agreement and each party will absorb its own costs.
Ventracor and HeartWare each believes that this settlement is prudent and in the best interests of their respective stakeholders as it will allow each company to focus its resources on the development and commercialization of its proprietary products.
Contact
Andrew Geddes
Manager, Investor Relations
Ventracor Limited
+ 61 2 9406 3086
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