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Decision of the Arbitration Board regarding XVIVO Perfusion’s rights to the Vivoline patents
XVIVO Perfusion, which was then part of Vitrolife, had collaboration with Stig Steen and Igelösa. Substantial support was given to Stig Steen’s research in exchange for the rights to commercialize Steen’s discoveries regarding LPD solutions containing calcium for organ preservation and any patentable improvements that were developed by Steen/Igelösa. Just over a year ago, XVIVO Perfusion AB (publ) initiated legal action against Stig Steen/Igelösa, as well as Vivoline Medical AB (publ), to establish that certain patents that Vivoline had acquired from Stig Steen/Igelösa were in fact covered by the exclusive rights that XVIVO Perfusion had obtained from Stig Steen/Igelösa. After consultation with legal experts in Sweden, XVIVO Perfusion’s assessment was that this was the case and the company then considered that it was its duty vis-à-vis the shareholders to find a legal solution to the issue, as negotiations with Steen/Igelösa and Vivoline had failed.
XVIVO Perfusion’s own product, STEEN Solution™, which is in the process of being launched in the US and Europe, is not part of the dispute and is protected by patents that have been granted and which are valid until 2021. Additional costs for Igelösa's legal costs and the costs of the arbitration process, totaling approximately SEK 2.1 million will be charged to the fourth quarter of 2014.
Magnus Nilsson, CEO of XVIVO Perfusion, states: “XVIVO Perfusion considers that the outcome is unfortunate, but wishes to emphasize that it does not impinge on the company’s existing product portfolio or business focus. It can be clearly seen from the decision that the case contained complex legal issues, where the Arbitration Board arrived at an assessment that differed from that of the experts that XVIVO has engaged”.
December 18, 2014
XVIVO Perfusion AB (publ)
For further information please contact:
Christoffer Rosenblad, CFO, +46 31 788 21 59, email@example.com
For further information on XVIVO Perfusion’s business, please refer to the company’s website, www.xvivoperfusion.com
The information was submitted for publication on December 18, 2014 at 8:30 a.m.
This is a translation of the Swedish version of the press release. When in doubt, the Swedish wording prevails.