GI Dynamics, Inc. reached a settlement with W.L. Gore & Associates (Gore) in litigation brought by Gore in the United States District Court in Arizona.
Gore is based in Newark, Del., with its medical division headquartered in Flagstaff, Ariz.
Under the terms of the settlement, Massachusetts-based GI Dynamics retains exclusive ownership and control of its patent portfolio, and both parties have dismissed all claims against each other.
GI Dynamics granted Gore a non-exclusive, royalty-free license to use GI Dynamics’ patents, but only for blood vessels).
Gore is not licensed to use GI Dynamics’ patents for any applications in the gastrointestinal tract, which is the area of the body in which GI Dynamics’ products are designed to be used. No cash will be exchanged in the settlement.
“We are delighted with this settlement,” stated Stuart A. Randle, CEO of GI Dynamics. “It confirms that GI Dynamics is the sole and exclusive owner of its technology and patent portfolio.”
Gore commenced proceedings against the Company in 2010, claiming that it was the co-owner of all of the Company’s patents and patent applications as well as claiming that certain of its employees were co-inventors of the Company’s issued patents.
GI filed counterclaims against Gore seeking declarations that Gore was neither a co-owner nor a co-inventor of any of its patents or applications and alleging misuse and misappropriation by Gore of the company’s trade secrets, breach of contract, misrepresentation, and unfair and deceptive trade practices.
