Solazyme Announces U.S. District Court Decision to Confirm Arbitration Award in Proceedings with Roquette Frères, S.A.
December 28 2015 - 4:15PM
Business Wire
Decision further confirms that intellectual
property and know-how associated with ingredients known as whole
algal flour and whole algal protein are the sole property of
Solazyme, Inc.
Solazyme, Inc. (Nasdaq:SZYM), a pioneer in microalgae innovation
and producer of sustainable algae oils and specialty ingredients
has announced that on December 21, 2015, the United States District
Court for the District of Delaware handed down a major decision in
the proceedings between Solazyme, Inc., and Roquette Frères, S.A.
Specifically, the court confirmed in its entirety, and without
alteration, the Arbitration Panel Award of February 19, 2015. In
addition, the court denied Roquette's motion for an order to vacate
the Award, and denied Roquette's motions for summary judgment as to
its declaratory judgment actions.
In February, the Arbitration panel found that Roquette has
attempted to market products and patent intellectual property based
on the intellectual property and products that Solazyme contributed
to the parties’ joint venture (Solazyme Roquette Nutritionals LLC),
specifically (i) a high lipid (whole) algal flour, and (ii) a high
protein (whole) algal powder. Further, prior to working with
Solazyme, Roquette did not possess any products that were in any
way similar to either product.
The United States District Court’s confirmation of the
Arbitration Award confirms that:
- Essentially all of the intellectual
property from the Solazyme Roquette Nutritionals joint venture,
including all patent applications and all “know-how” related to the
products, is assigned solely to Solazyme,
- Roquette is to assign to Solazyme all
of Roquette’s patent applications filed on or after November 3,
2010 related to microalgae foods, microalgae ingredients,
microalgae nutritionals and all methods related to making and using
them, and
- Roquette is to pay Solazyme $2.3
million dollars to cover all of Solazyme’s fees for the
arbitration.
About Solazyme, Inc.
Solazyme, Inc. develops and sells innovative, sustainable,
high-performance oils and ingredients that are better for people
and better for the planet. Starting with microalgae, the world’s
original source of oil, Solazyme creates renewable oils and
ingredients that serve as the foundation for healthier foods;
high-performance industrial products; unique home and personal care
solutions; and more sustainable fuels. Headquartered in South San
Francisco, Solazyme’s mission is to solve some of the world’s
biggest problems with one of the world’s smallest and earliest life
forms: microalgae. For additional information, please visit
Solazyme’s website at www.solazyme.com.
Solazyme® and the Solazyme logo are trademarks of Solazyme,
Inc.
Forward Looking Statements
This press release contains certain forward-looking statements
within the meaning of the Private Securities Litigation Reform Act
of 1995. When used in this press release, the words “will”,
“expects”, “intends” and other similar expressions and any other
statements that are not historical facts are intended to identify
those assertions as forward-looking statements within the meaning
of the Private Securities Litigation Reform Act of 1995. Any such
statement may be influenced by a variety of factors, many of which
are beyond the control of the companies, that could cause actual
outcomes and results to be materially different from those
projected, described, expressed or implied in this press release
due to a number of risks and uncertainties. Potential risks and
uncertainties include, among others: limited operating history;
limited history commercializing products; implementation risk in
deploying new technologies; limited experience in constructing,
ramping up and operating commercial manufacturing facilities;
delays related to start-up and ramp-up of production facilities;
and availability of consistent, reliable power and steam.
Accordingly, no assurances can be given that any of the events
anticipated by the forward-looking statements will transpire or
occur, or if any of them do so, what impact they will have on the
results of operations or financial condition.
In addition, please refer to the documents that Solazyme, Inc.
files with the Securities and Exchange Commission, including its
Quarterly Report on Form 10-Q, as updated from time to time, for a
discussion of these and other risks. You are cautioned not to place
undue reliance on forward-looking statements, which speak only as
of the date of this press release. Solazyme is not under any duty
to update any of the information in this press release.
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Solazyme, Inc.Corporate Communications:Genet
Garamendipress@solazyme.comorBrainerd Communicators, Inc.Mike
SmargiassiBrad
Edwardssmarg@braincomm.comedwards@braincomm.com212-986-6667