BioCentury
ARTICLE | Company News

Power3, Transgenomic diagnostic news

January 16, 2012 8:00 AM UTC

The companies resolved and terminated all litigations and disputes following mediation through the offices of the U.S. District Court for the District of Nebraska. The dispute is related to a 2009 deal which granted Transgenomic exclusive rights to develop and commercialize Power3's neurodegenerative biomarkers in the U.S., Europe and Asia. All scientific and commercial agreements between the companies are terminated and all commercial rights revert back to Power3. As part of the meditation terms, Power3 agreed to transfer to Transgenomic 5.6 million shares of Power3 stock which the court documents valued at about $50,000 based on Power3's share price on July 22, 2011, when the mediation session occurred. Details were not disclosed (see BioCentury, Dec. 15, 2008 & Feb. 9, 2009). ...