Attached files
file | filename |
---|---|
EX-10.01 - EXHIBIT 10.01 - Axogen, Inc. | c92479exv10w01.htm |
EX-10.02 - EXHIBIT 10.02 - Axogen, Inc. | c92479exv10w02.htm |
8-K - FORM 8-K - Axogen, Inc. | c92479e8vk.htm |
Exhibit 99.1
LecTec Corporation Press Release
LecTec Corporation
1407 South Kings Highway
Texarkana, Texas 75501
1407 South Kings Highway
Texarkana, Texas 75501
Contact: Bill Johnson, Controller (903-832-0993)
LecTec Corporation and Endo Pharmaceuticals Inc. Settle Patent Dispute
November 11, 2009 Texarkana, Texas LecTec Corporation (OTCBB: LECT) announced today that
it has reached a settlement with Endo Pharmaceuticals Inc. on outstanding patent litigation related
to LecTecs U.S. Patent Nos. 5,536,263 and 5,741,510. Endo Pharmaceuticals has agreed to make a
one-time, $23 million payment for the exclusive license to these two patents for use in the field
of prescription pain medicines and treatment. LecTec is pleased to have reached an agreement with
Endo Pharmaceuticals which avoids the uncertainties of litigation and provides LecTec with the
capital to explore the opportunities in its patent portfolio, said Judd Berlin, chief executive
officer of LecTec.
LecTec filed a patent infringement action in U.S. District Court in July 2008 against Endo
Pharmaceuticals and others in the topical medicated patch business alleging patent infringement of
the core structure and composition claims of two of LecTecs patents.
About LecTec Corporation
LecTec Corporation is an intellectual property licensing and holding company. The Companys
primary focus is to derive royalty and other income from patents that the Company owns based on its
advanced skin interface technologies. The Company was an innovator in hydrogel-based topical
delivery of therapeutic over-the-counter medications, which provide alternatives to topical
creams and ointments. A hydrogel is a gel-like material having an affinity for water and similar
compounds. These gels are ideal for delivering medication onto the skin. The Company holds multiple
domestic and international patents on its hydrogel technology.
Cautionary Statements
This press release contains forward-looking statements concerning possible or anticipated
future results of operations or business developments which are typically preceded by the words
believes, wants, expects, anticipates, intends, will, may, should, or similar
expressions. Such forward-looking statements are subject to risks and uncertainties, which could
cause results or developments to differ materially from those, indicated in the forward-looking
statements. Such risks and uncertainties include, but are not limited to, the Companys dependence
on royalty payments from Novartis Consumer Health, Inc., which recently re-launched an adult vapor
patch licensed by the Company, the Companys dependence on key personnel and Board of Director
members, the Companys pending patent infringement litigation against Chattem, Inc. (NASDAQ: CHTT),
Johnson & Johnson Consumer Company, Inc., a subsidiary of Johnson & Johnson (NYSE: JNJ), and Prince
of Peace Enterprises, Inc., the issuance of new accounting pronouncements, the
availability of opportunities for licensing agreements related to patents that the Company holds,
limitations on market expansion opportunities, and other risks and uncertainties detailed from time
to time in the Companys filings with the Securities and Exchange Commission, and particularly as
described in the Risk Factors included in our Form 10-K for the year ended December 31, 2008.
# # #