Med BioGene, Precision Therapeutics, Signal Genetics LLC diagnostic news

Med BioGene said the Supreme Court for the County of New York granted the company's motion for partial summary judgment to dismiss several claims under a breach of contract suit filed by Signal Genetics. The court dismissed Signal's claims for lost profit damages from the alleged breaches of contract and duty of good faith and fair dealing, cause of action for negligent misrepresentation and cause of action for unfair competition. No trial date has been set with respect to the remaining claims of unjust enrichment and equitable estoppel. Signal is seeking judgment requiring Med BioGene to grant Signal an exclusive license to Med BioGene's LungExpress Dx technology, as well as damages.

In February 2011, Signal filed a suit alleging that Med BioGene breached a January 2011 agreement that granted Signal Genetics an exclusive, worldwide license to use the LungExpress Dx technology and prevented Med BioGene from negotiating with another party until Feb. 4, 2011. In March 2011, Signal amended its suit to name Precision as the party in negotiations with Med BioGene and alleged that Med BioGene committed fraud and that Precision committed tortious interference. Signal said Med BioGene falsely promised the company a license to the technology to get the name of Signal's commercialization partner, which Med BioGene then disclosed to Precision. Signal requested judgment requiring Med BioGene to grant it a license to the technology, as well as damages from both companies and further relief (see BioCentury, Feb. 21, 2011 & March 7, 2011). ...