Auritec Pharmaceuticals Announces Judgment Against Oak Crest Institute of Science
SANTA MONICA, Calif., Sept. 13, 2018 /PRNewswire/ -- Auritec Pharmaceuticals Inc. ("Auritec"), a drug delivery company, and Oak Crest Institute of Science ("Oak Crest"), a not-for-profit research institute had collaborated for more than a decade under a series of agreements that defined the relationship. Over the course of the collaboration, the parties developed broad intellectual property in the fields of sustained-release drug delivery and co-drugs/pro-drugs. Although the parties ended their collaboration in July 2016, their rights and obligations continued to be governed by existing agreements. However, Oak Crest's post-rupture conduct was considered by Auritec to be in violation of these agreements. Auritec requested arbitration of this dispute.
The Final Award was issued as JAMS Arbitration no. 1210033656 and later confirmed by the Superior Court of the State of California County of Los Angeles on July 27, 2018. The arbitration confirmed that all intellectual property in the field of drug delivery that was a product or result of the Auritec-Oak Crest collaboration is the exclusive property of Auritec. The judgment confirms that, "Oak Crest has no right, going forward, to use any Subject IP beyond pure research without Auritec's consent." In addition to monetary damages, Oak Crest was ordered to "forthwith" assign the collaborative patents and patent applications to Auritec.
"We are extremely pleased with the outcome of this arbitration. The ruling confirms our position that Auritec Pharmaceuticals is the exclusive owner of the various drug delivery technologies that are a product or result of the Auritec-Oak Crest collaboration. We are committed to developing and commercializing these innovative drug formulations," said Dr. Thomas Smith, CEO of Auritec Pharmaceuticals.
About Auritec Pharmaceuticals, Inc.:
Auritec is a privately held clinical stage drug delivery company with offices in Santa Monica, CA and a laboratory in Pasadena, CA. The company was founded in 2002 by Thomas J. Smith MD, the developer of the Vitrasert® ganciclovir intravitreal implant which was approved by the FDA in 1995. Since its incorporation, Auritec has been continuously funded by the National Institutes of Health, and has active programs in infectious diseases, autoimmune diseases, gynecology, cardiovascular disorders, pain management, and psychotic disorders. Auritec owns three drug delivery technologies - Versa™, Plexis™ and Co-drugs/Pro-drugs. The Versa and Plexis are covered by broad intellectual protection, and have demonstrated sustained-release drug delivery profiles for a broad range of molecules in vitro, and in animals and human trials.
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SOURCE Auritec Pharmaceuticals