SAN DIEGO and OXFORD,
England, Oct. 6, 2014
/PRNewswire/ -- Sequenom, Inc. (NASDAQ: SQNM), a life sciences
company providing innovative genetic analysis solutions and Isis
Innovation Ltd., the technology transfer company of the
University of Oxford, today jointly
announced that Sequenom has purchased noninvasive prenatal testing
intellectual property from Isis Innovation, for $14.55 million, which includes $3.2 million
as the final royalty payment due to Isis under the prior agreement
and the waiver of $2.1 million
in paid legal fees that Isis owed to Sequenom, with additional
downstream payments contingent on revenues exceeding certain
thresholds.
Under the terms of the agreement, Sequenom is now the owner of
global intellectual property for noninvasive prenatal genetic
diagnostic testing on paternally inherited fetal nucleic acids
derived from maternal plasma or serum. Sequenom previously
had exclusive rights to this intellectual property under a
licensing agreement with Isis Innovation established in 2005. As
part of the purchase agreement, Isis Innovation has rights in
certain fields of use. No additional terms were
disclosed.
"The patents purchased from Isis Innovation will enable us to
strengthen our intellectual property position worldwide, while
reducing future expenditures," said William
Welch, Chief Executive Officer at Sequenom, Inc. "We look
forward to leveraging this important intellectual property for
additional applications of our technology in the future."
"This patent assignment represents a highly significant deal for
us," said Tom Hockaday, Managing
Director of Isis Innovation Ltd. "It enables us to return
considerable value to the University of
Oxford, the inventors of the technology and the other
organizations which supported the original research. We value our
long-standing relationship with Sequenom and wish them continued
success with their prenatal tests."
The intellectual property purchased by Sequenom includes a
portfolio of globally issued patents in the United States, Europe, Japan, Hong
Kong, Canada and
Australia. In October 2013, the U.S. District Court ruled that
certain claims of U.S. Patent No. 6,258,540 ("540 patent") are
directed to non-patentable subject matter under U.S. Code § 101.
The '540 patent ruling by the U.S. District Court is currently
under appeal by Sequenom to the U.S. Court of Appeals for the
Federal Circuit. The Patent Trial and Appeal Board recently ruled
in favor of seven claims contained within the '540 patent. Valid
and enforceable patents are issued in Europe, Japan, Hong
Kong, Canada and
Australia.
About Sequenom
Sequenom, Inc. (NASDAQ: SQNM) is a
life sciences company committed to improving health care through
revolutionary genomic and genetic analysis solutions. Sequenom
develops innovative technologies, products, and diagnostic tests
that target and serve molecular diagnostic markets. Web site:
www.sequenom.com.
About Isis Innovation
Isis Innovation is the research
and technology commercialization company of the University of
Oxford. Isis Innovation provides access to technology from
Oxford researchers through
intellectual property licensing, spin-out company formation and
material sales, and to academic expertise through Oxford University Consulting.
Isis Innovation is the highest university patent filer in the UK
and is ranked 1st in the UK for university spin-outs, having
created more than 100 new companies in 25 years. In the last
financial year, Isis Innovation completed 503 licenses and
consulting agreements for Oxford,
and Isis Enterprise - its innovation management consultancy -
signed 85 deals with clients around the world. For updates on
innovations from Oxford, follow
Isis Innovation on LinkedIn and Twitter or subscribe at
www.isis-innovation.com
Forward-Looking Statement
Except for the
historical information contained herein, the matters set forth in
this press release, including statements regarding contingent
additional downstream payments, the ability of the purchased
patents to strengthen Sequenom's intellectual property position
worldwide and reduce future expenditures, Sequenom's ability to
leverage the patents purchased from Isis Innovation for additional
applications of Sequenom's technology, Sequenom's appeal to the
Federal Court Circuit of Appeals regarding the '540 patent ruling,
and Sequenom's commitment to improving health care through
revolutionary genomic and genetic analysis solutions are
forward-looking statements within the meaning of the "safe harbor"
provisions of the Private Securities Litigation Reform Act of 1995.
These forward-looking statements are subject to risks and
uncertainties that may cause actual results to differ materially,
including the risks and uncertainties associated with the value of
the patents purchased from Isis Innovation being less than
anticipated, Sequenom's ability to leverage the patents purchased
from Isis Innovation for additional applications of Sequenom's
technology, Sequenom or third parties obtaining or maintaining
regulatory approvals that impact Sequenom's business, government
regulation particularly with respect to diagnostic products and
laboratory developed tests, publication processes, the performance
of designed product enhancements, Sequenom's ability to develop and
commercialize technologies and products, particularly new
technologies such as noninvasive prenatal diagnostics and
laboratory developed tests, Sequenom's financial position, the
timing and amount of reimbursement that Sequenom Laboratories
receives from payors for its laboratory developed tests, Sequenom's
ability to manage its existing cash resources or raise additional
cash resources, competition, intellectual property protection and
intellectual property rights of others, litigation involving
Sequenom, and other risks detailed from time to time in Sequenom's
most recently filed Current Reports on Form 8-K, its most recently
filed Quarterly Report on Form 10-Q and its Annual Report on Form
10-K for the year ended December 31,
2013, and other documents subsequently filed with or
furnished to the Securities and Exchange Commission. These
forward-looking statements are based on current information that
may change and you are cautioned not to place undue reliance on
these forward-looking statements, which speak only as of the date
of this press release. All forward-looking statements are qualified
in their entirety by this cautionary statement, and Sequenom
undertakes no obligation to revise or update any forward-looking
statement to reflect events or circumstances after the issuance of
this press release.
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SOURCE Sequenom, Inc.