CDEX and Analytical Spectral Devices have entered into a settlement agreement with regards to Civil Action No 06-CV-426-RDB-CBS that was pending before US Federal District Court in Denver, Colorado
As part of the settlement agreement, CDEX has been fully licensed under ASD's patent for liquid pharmaceuticals.
CDEX acknowledges the validity of ASD's patent and such acknowledgement shall continue for as long as the license remains in effect.
In consideration of the settlement agreement, both parties have agreed to dismiss their respective claims against each other.
The terms and conditions of the settlement agreement are otherwise confidential.
"We believe the settlement agreement is fair and equitable to both parties and preserves the right of both companies to continue to develop and practice their respective intellectual property" said, Jim Griffin, CDEX CEO.
"We believe the settlement agreement is fair and equitable to both parties, and we are pleased that the validity of ASD's patent has been recognised." said Dave Rzasa, ASD CEO and president.
