MADISON, Wis., and GENT, Belgium, Feb. 9 /PRNewswire-FirstCall/ -- Third Wave Technologies Inc. and Innogenetics jointly announced that the companies have reached an agreement by which Third Wave Technologies will receive a non-exclusive license to sell hepatitis C virus, or HCV, genotyping products in the United States. The agreement also includes certain opt-out rights for Third Wave, as well as an option to extend both the term and global reach of the license to Innogenetics' HCV genotyping patent estate. The financial terms of the deal were not disclosed. The successful conclusion of the agreement resolves the patent litigation between Innogenetics and Third Wave.
Kevin Conroy, president and chief executive of Third Wave, said, "We are pleased to have resolved the litigation and to have concluded a licensing agreement with Innogenetics for the rights to its HCV genotyping patent estate. This deal will help to accelerate the global growth of our molecular diagnostics business and further build shareholder value."
Frank Morich, CEO of Innogenetics, also commented on the deal. "We are particularly happy to have concluded this licensing agreement. The amicable resolution of this issue will help both companies realize their ambitious near- and mid-term goals. With leading diagnostics companies such as Bayer HealthCare (Diagnostics Division), Roche Diagnostics, and Third Wave Technologies now having taken licenses to Innogenetics' HCV genotyping technologies and patent estate, we remain determined to further enrich and enforce our HCV genotyping patent portfolio worldwide."
About Third Wave Technologies
Third Wave is a leader in the development and marketing of molecular diagnostics for a variety of DNA and RNA analysis applications, providing physicians and researchers with superior molecular solutions. The company offers a number of clinical products based on its Invader(R) chemistry for testing related to multiple disease areas. For more information about Third Wave and its products, please visit the company's website at http://www.twt.com .
About Innogenetics
Innogenetics is an international biopharmaceutical company building parallel businesses in the areas of specialty diagnostics and therapeutic vaccines.
In 2004, total revenues reached euro 71 million, with a profitable Diagnostics Division. Its Diagnostics Division develops a large number of specialty products covering three areas: infectious diseases (hepatitis C, hepatitis B, and HIV), genetic testing (HLA tissue typing and cystic fibrosis), and neurodegeneration (Alzheimer's disease). In its Therapeutics Division, Innogenetics focuses on the development of therapeutic vaccines to address unmet medical needs in the field of infectious diseases, with two compounds now in clinical trials (hepatitis C in phase II and hepatitis B in phase I).
Founded in 1985, Innogenetics is listed on Euronext Brussels. Innogenetics' headquarters are in Gent, Belgium, with sales affiliates in the United States, Germany, France, Spain, Brazil, and Italy. Innogenetics employs 530 people worldwide and has a market capitalization of approximately euro 330 million.
This press release contains forward-looking statements that involve risks and uncertainties, including but not limited to projections of future revenues, operating income, and other risks. Prospective investors should be aware that these statements are estimates, reflecting only the judgments and projections of Innogenetics' management, and no undue reliance should be placed on such forward-looking statements.
All statements in this news release that are not historical are forward-looking statements within the meaning of the Securities Exchange Act of 1934 as amended. Such forward-looking statements are subject to factors that could cause actual results to differ materially for Third Wave from those projected. Those factors include risks and uncertainties relating to technological approaches of Third Wave and its competitors, product development, manufacturing, market acceptance, cost and pricing of Third Wave products, dependence on collaborative partners and commercial customers, successful performance under collaborative and commercial agreements, competition, the strength of the Third Wave intellectual property, the intellectual property of others and other risk factors identified in the documents Third Wave has filed, or will file, with the Securities and Exchange Commission. Copies of the Third Wave filings with the SEC may be obtained from the SEC Internet site at http://www.sec.gov . Third Wave expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in Third Wave's expectations with regard thereto or any change in events, conditions, or circumstances on which any such statements are based. Third Wave Technologies, Invader and the Third Wave logo are trademarks of Third Wave Technologies, Inc.
Third Wave Technologies Inc.; InnogeneticsCONTACT: Wim Ottevaere, Chief Financial Officer of Innogenetics, +32 (0)9329 1639, or investor_relations@innogenetics.com ; or Rod Hise, VicePresident, Corporate Affairs of Third Wave, +1-608-663-4010, orinvestor@twt.com
