Published on November 12, 2009 at 12:36 AM
LecTec Corporation (OTCBB: LECT) announced today that it has reached a settlement with Endo Pharmaceuticals Inc. on outstanding patent litigation related to LecTec’s U.S. Patent Nos. 5,536,263 and 5,741,510. Endo Pharmaceuticals has agreed to make a one–time, $23 million payment for the exclusive license to these two patents for use in the field of prescription pain medicines and treatment.
“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,” said Judd Berlin, chief executive officer of LecTec.
LecTec filed a patent infringement action in U.S. 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.
Source: LecTec Corporation