Medical Technology Lawsuit
Ventana Medical Systems Inc. pays CytoLogix Corp. $49 million patent infringement settlement.
Medical TechnologyTucson, AZ: (Jan-26-08) CytoLogix Corp. brought patent infringement lawsuits against Oro Valley-based Ventana Medical Systems Inc., over medical technology for diagnosing cancer and other diseases. As part of a settlement reached, sources close to the case stated that Ventana Medical Systems Inc. agreed to pay $49 million to CytoLogix Corp. to settle the patent infringement disputes. The payment covers a $14.7 million judgment awarded to CytoLogix in 2007 in a case Ventana lost, the company said in a regulatory filing. The agreement resolves all pending litigation between the two companies, and Ventana gets a royalty-free license to certain patents owned by closely held CytoLogix. [TRADING MARKETS: MEDICAL TECHNOLOGY PATENT]
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