As part of the settlement, Neptune granted a world-wide, non-exclusive, royalty-bearing license to Enzymotec, allowing it to market and sell its nutraceutical products under Neptune's '348 family of patents (US Patent No. 8,030,348 and all the continuations). Under the terms of the settlement, royalty levels in the
Enzymotec also agreed to pay Neptune a non-refundable one-time upfront settlement payment. The financial terms of the license are confidential between the parties.
"This successfully brings to a conclusion all of the outstanding litigation issues before the ITC, with Neptune concluding favourable agreements with all ten Respondents named in the investigation," highlighted Mr. BenoÎt Huart, Director Legal Affairs of Neptune. "Consequently, Neptune has now licensed some of its patents to all of the major players in the worldwide krill oil industry. In addition, these settlements preserve strong IP protection for both Neptune and Acasti, allowing them to defend their respective markets."
"This is a significant victory and clear reflection of the strength, value and validity of our intellectual property and a validation of our IP procurement and enforcement strategy," added Dr.
Neptune is a biotechnology company engaged primarily in the development and commercialization of marine-derived omega-3 polyunsaturated fatty acids ("PUFAs"). Neptune has a patented process of extracting oils from Antarctic krill and principally sells omega-3 PUFAs as bulk oil to Neptune's distributors who commercialize them under their private label primarily in the U.S., European and Australian nutraceutical markets. Neptune's products generally come in bulk oil or capsule form and serve as a dietary supplement to consumers. Neptune's head office is located at 545 Promenade du Centropolis, Suite 100,
Neptune respectively holdsapproximately 49% of the participating and voting rights of Acasti and 96% of the voting rights of
Acasti is an emerging biopharmaceutical company focused on the research, development and commercialization of new krill oil-based forms of omega-3 phospholipid therapies for the treatment and prevention of certain cardiometabolic disorders, in particular abnormalities in blood lipids, also known as dyslipidemia. Because krill feeds on phytoplankton (diatoms and dinoflagellates), it is a major source of phospholipids and polyunsaturated fatty acids ("PUFAs"), mainly eicosapentaenoic acid ("
Forward Looking Statements
Statements in this press release that are not statements of historical or current fact constitute "forward-looking statements"within the meaning of the U.S. securities laws and Canadian securities laws. Suchforward-looking statements involve known and unknown risks, uncertainties, and other unknown factors that could causethe actual results of Neptune and Acasti to be materially different from historical results or from any future results expressed orimplied by such forward-looking statements. In addition to statements which explicitly describe such risks and uncertainties, readers are urged to consider statements labeled with the terms "believes," "belief," "expects," "intends," "anticipates," "will," or "plans" to be uncertain and forward-looking. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The forward-looking statements contained herein are also subject generally to other risks and uncertainties that are described from time to time in Neptune's and Acasti's public securities filings with the
"Neither NASDAQ, the