Advertise With UsAdvertise on our extensive network of industry websites and newsletters.
Get the PBR newsletterSign up to our free email to get all the latest PBR
news.Endo Pharmaceuticals to make a one time payment of $23m for the license to the two patents
Subscribe to our email newsletter
LecTec has reached a settlement with Endo Pharmaceuticals on outstanding patent litigation related to LecTec’s US Patent Nos 5536263 and 5741510. Endo Pharmaceuticals has agreed to make a one time, $23m payment for the license to these two patents for use in the field of prescription pain medicines and treatment. The company’s primary focus is to derive royalty and other income from patents that the company owns based on its advanced skin interface technologies.
LecTec filed a patent infringement action in US District Court in July 2008 against Endo Pharmaceuticals and others in the topical medicated patch business alleging patent infringement of the core structure and composition claims of two of LecTec’s patents.
Judd Berlin, chief executive officer of LecTec, said: “LecTec is pleased to have reached an agreement with Endo Pharmaceuticals which avoids the uncertainties of litigation and provides LecTec with the capital to explore the opportunities in its patent portfolio.”
LecTec Corporation had been issued a new patent in 2002 and had been notified of the allowance of three additional patents covering its adhesive dermal patch technology. This brings the total of LecTec issued patents to 15 US and 5 International. The issued patent covers wound management dressing. The three allowed patents cover dermal patches for acne treatment and skin itch treatment.