BioChain Responds to Epigenomics' Unilateral Termination of License Contract - March 12, 2019
NEWARK, Calif.--(BUSINESS WIRE)-- BioChain, a US-based company, said today Epigenomics AG of Germany seriously violated the terms of an ongoing licensing contract by publicly announcing on March 6, 2019 the unilateral termination of BioChain’s licensing right of Septin9 marker in China. The termination of the contract by Epigenomics is not legally effective.
BioChain’s CEO, Grace Tian stated that according to the terms of the contract, disputes between the two parties require the parties to go through a mediation and arbitration process. BioChain filed a request with the contractually specified mediation and arbitration center on March 1, 2019 in accordance with the contract, before Epigenomics unilaterally terminated the contract.
BioChain and its affiliates, as the exclusive licensee of Septin9 marker in China, have diligently worked to expand its market position despite challenging market conditions, including the fact that one relevant patent of Epigenomics was invalidated in China and the news was publicly published in May 2018.
Tian said, “Epigenomics' termination of the Septin9 contract has incurred damages to BioChain’s reputation and investment and BioChain will take further legal actions to protect its interests”.
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