Neptune and Enzymotec Reach Patent Agreement Ending All Litigation
03 April 2017 - 10:15PM
Neptune Technologies & Bioressources Inc. (“Neptune”)
(NASDAQ:NEPT) (TSX:NEPT) and Enzymotec Ltd., Enzymotec USA, Inc.
(together, “Enzymotec”) (NASDAQ:ENZY) are pleased to jointly
announce that they have entered into a broad patent cross-licensing
agreement, which ends all outstanding litigation between the two
companies. The key elements of the settlement and licensing
agreement are:
- Enzymotec to make a one-time payment of US$1.63 million to
Neptune.
- Neptune extends Enzymotec’s worldwide and royalty-free license
to its krill-related patents.
- Enzymotec grants Neptune a worldwide and royalty-free license
to its krill-related patents.
- The agreement ends all outstanding litigation between the two
companies.
“Both parties are satisfied that the integrity
of our respective intellectual property was recognized throughout
this process and that a final agreement was reached. By ending all
legal challenges, we can further concentrate our efforts to the
development of the omega-3 krill oil market,” stated Jim Hamilton,
President & CEO of Neptune.
Dr. Ariel Katz, President and CEO of Enzymotec
commented, “We are pleased that we have come to an amicable
solution with Neptune and that we have settled all of our
outstanding litigation with them. Furthermore, the agreement
promotes our joint efforts to respect the intellectual property of
both parties, which is crucial to maintaining the integrity of our
respective patent portfolios.”
This long-term agreement should create a lasting
patent peace, allowing both companies to focus on growth and
business value creation.
About Neptune Technologies &
Bioressources Inc.
Neptune is a nutrition products company focused
on the business of customized unique nutrition solutions, specialty
ingredients and consumer brands. The company develops turnkey
solutions available in various unique delivery forms. Neptune also
offers premium krill oil manufactured in our state-of-the art
facility and a variety of other specialty ingredients such as
marine and seed oils. Neptune offers its premium krill oil under
the OCEANO3® brand directly to consumers in Canada and the United
States through web sales at www.oceano3.com. Oceano3 brand is also
sold in bulk to unbranded distributors. The Company’s head office
is located in Laval, Québec.
About Enzymotec Ltd.
Enzymotec is a leading global supplier of
specialty lipid-based products and solutions. The Company develops,
manufactures and markets innovative bio-active lipid ingredients,
as well as final products, based on sophisticated processes and
technologies.
For more information, please contact:
Neptune Wellness SolutionsMario ParadisVP &
CFO, Neptunem.paradis@neptunecorp.com ph: 450-687-2262 x236
Investor Relations Contact (Canada)Pierre
BoucherMaisonBrison1.514.731.0000pierre@maisonbrison.com
Investor Relations Contact (U.S.)James CarbonaraHayden
IR1.646.755.4712james@haydenir.com |
|
Enzymotec
Ltd.Oren BryanChief Financial OfficerPhone:
+972747177177ir@enzymotec.com Investor Relations
Contact (U.S.)The Ruth GroupTram Bui / Lee RothPhone: 646-536-7035
/ 7012tbui@theruthgroup.com lroth@theruthgroup.com |
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