TerraVia Announces Third Circuit Affirms Arbitration Award in Proceedings with Roquette Frères, S.A.
December 21 2016 - 8:30AM
Business Wire
Court Affirms Order Assigning IP and Payment of
Legal Fees to TerraVia
TerraVia Holdings, Inc. (NASDAQ:TVIA) a food, nutrition and
specialty ingredients company announced December 20, 2016 that
the U.S. Court of Appeals for the Third Circuit issued a
decision today in the appeal by Roquette Frères, S.A. (“Roquette”)
of an arbitration award connected with the Solazyme Roquette
Nutritionals, L.L.C. (“SRN”) joint venture.
The appeals court affirmed, without modification, the original
arbitration award, which ordered the assignment to TerraVia of:
- All SRN patent applications.
- All SRN “know-how” related to high
lipid algae flour and high protein algae powder.
- All Roquette patent applications filed
since November 2010 relating to microalgal food and food
ingredients, as well as methods for making and using them.
In addition, the original arbitration award ordered Roquette to
pay to TerraVia $2.3 million in legal costs and fees.
“The court’s decision confirms that the valuable intellectual
property and know-how associated with our whole algal flour and
whole algal protein ingredients belong to TerraVia,” said TerraVia
CEO Apu Mody.
About TerraVia
TerraVia is a plant based food, nutrition and specialty
ingredients company that harnesses the power of algae, the mother
of all plants and earth’s original superfood. With a portfolio of
breakthrough ingredients and manufacturing, the Company is well
positioned to help meet the growing need of consumer packaged goods
and established and emerging food manufacturers to improve the
nutritional profile of foods without sacrificing taste, and to
develop select consumer brands. The Company also manufactures a
range of specialty personal care ingredients for key strategic
partners. Headquartered in South San Francisco, the Company's
mission is to create products that are truly better for people and
better for the planet. For additional information, please visit
TerraVia's website at www.terravia.com.
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TerraViaKatie RingerCorporate
Communicationspress@terravia.com