Court Upholds $48.6 Million Jury Award to Enzo Biochem
NEW YORK--(BUSINESS WIRE)-- Enzo Biochem Inc. (NYS: ENZ) reported today that a Federal Court Judge in New Haven, CT, has upheld the jury verdict issued in November 2012 which awarded Enzo $48.6 million in direct infringement damages as a result of Applera Corp., now Life Technologies, Inc. (NAS: LIFE) having infringed Enzo's patent covering pioneering technologies relating to compounds used in DNA sequencing systems to read the genetic code. The judge's ruling opens the way for Enzo's recovery of prejudgment interest on the damages award, which should exceed $25 million in addition to the judgment.
The Enzo action is entitled Enzo Biochem, Inc. et al. vs. Applera Corp. and Tropix Inc. in New Haven, CT Civil Action No. 3:04cv929 (JBA).
"We are pleased with the Judge's decision which, in addition to the monetary award, we anticipate will have a positive impact on the resolution of pending actions that Enzo brought in the U.S. Southern District Court in New York City, which involve additional defendants, patents and contract issues," said Barry Weiner, Enzo President.
In addition to leaving the jury verdict undisturbed, the Judge also denied Life Technologies' request for a finding that Enzo's infringement claims are barred by laches and/or equitable estoppel, as well as its motion for a new trial and denied Enzo's request for reconsideration seeking additional damages.
About Enzo Biochem
Enzo Biochem is a pioneer in molecular diagnostics, leading the convergence of clinical laboratories, life sciences and therapeutics through the development of unique diagnostic platform technologies that provide numerous advantages over previous standards. A global company, Enzo Biochem utilizes cross-functional teams to develop and deploy products systems and services that meet the ever-changing and rapidly growing needs of health care both today and into the future. Underpinning Enzo Biochem's products and technologies is a broad and deep intellectual property portfolio, with patent coverage across a number of key enabling technologies.
Except for historical information, the matters discussed in this news release may be considered "forward-looking" statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. Such statements include declarations regarding the intent, belief or current expectations of the Company and its management, including those related to cash flow, gross margins, revenues, and expenses are dependent on a number of factors outside of the control of the company including, inter alia, the markets for the Company's products and services, costs of goods and services, other expenses, government regulations, litigations, and general business conditions. See Risk Factors in the Company's Form 10-K for the fiscal year ended July 31, 2012. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve a number of risks and uncertainties that could materially affect actual results. The Company disclaims any obligations to update any forward-looking statement as a result of developments occurring after the date of this press release.
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