NEW YORK, May 30 - Ciphergen Biosystems, LumiCyte, and Molecular Analytical Systems have settled their lawsuit over a mass spectrometry technology called SELDI-TOF, Ciphergen said yesterday.
Under the terms of the settlement, Ciphergen will pay revenue-based royalties of up to $10 million, over a 10-year period, to Molecular Analytical Systems. Ciphergen will also issue about 1.25 million shares to LumiCyte and pay the company about $3 million in cash.
In return, Ciphergen acquires Molecular Analytical's exclusive worldwide patent rights to surface enhanced laser desorption ionization time-of-flight mass spectrometry (SELDI-TOF-MS). Molecular Analytical licenses patents protecting the technology from Baylor College of Medicine. Moreover, LumiCyte has assigned all its rights relating to the technology, which it acquired from Molecular Analytical, to Ciphergen without restrictions.
For further information, see the company statement.