Ahn-Gook Pharmaceutical | GenomeWeb

Ahn-Gook Pharmaceutical

In an objection filed last week, Quest asserted that before Correlogic can auction its assets as part of its ongoing bankruptcy proceedings, determination of the extent of Quest's interests in the firm's technology must be "considered in the context of an adversary proceeding."

Under the terms of the agreement, Correlogic will sell to AGP patent rights related to the OvaCheck test in Korea, China, Japan, Malaysia, and Singapore in exchange for $80,000, enabling AGP potentially to bring an ovarian cancer diagnostic to market in those countries.

While the court's order is "nonetheless helpful," said Correlogic CEO Peter Levine, the company maintains that AGP "does not have a license to anything."

The order was issued in response to a motion for a restraining order and preliminary injunction that AGP filed on Nov. 11 in connection with its suit claiming that Correlogic had defaulted on a loan agreement by making material misrepresentations regarding its OvaCheck diagnostic.

In its suit the company asserted that the alleged misrepresentations put Correlogic in default on a $750,000 loan from AGP, and that as a result Correlogic is required under the loan agreement to grant AGP an exclusive license for the use of its intellectual property in Asia.

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