MONOCLONAL ANTIBODIES WILL PAY HYBRITECH 15% ROYALTIES
Executive Summary
MONOCLONAL ANTIBODIES WILL PAY HYBRITECH 15% ROYALTIES on its RAMP HCG, Advance pregnancy tests and OvuStick ovulation test until the products are reformulated, Monoclonal Antibodies said July 2. Royalty payments will be made on both domestic and foreign sales, according to Monoclonal Antibodies. The products were found to infringe Hybritech's sandwich assay patent in a suit filed by Hybritech in 1984. Monoclonal Antibodies also agreed to pay Hybritech $2.2 mil. in settlement of all past claims on the patent. The settlement calls for an immediate payment of $1 mil. and subsequent payments of $250,000 beginning Sept. 30. Hybritech granted the company a one-year license to manufacture and sell the infringing products under the royalty arrangement. Monoclonal says it already has made "substantial progress on reformulating our products with polyclonal antibodies so as to avoid infringement of the Hybritech patent claims," Monoclonal President Thomas Glaze commented. Glaze added that the license will allow the company to begin reshipping the products which had been enjoined from sale by a May 21 preliminary injunction.
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