deCODE genetics (Nasdaq:DCGN) today announced that it has
reached a favorable settlement of its litigation in Federal
District Court in Philadelphia with the Children’s Hospital
of Philadelphia (CHOP) and several former deCODE employees
who left the company to work for CHOP. Pursuant to the agreement,
the parties will exchange mutual releases and the litigation
will be dismissed with prejudice. The litigation was settled
with an agreement under which CHOP and the individual defendants
have certain obligations towards deCODE.
deCODE's CEO Dr. Kari Stefansson commented on the settlement
as follows:“I am pleased that we have managed to settle this
case with the Children's Hospital of Philadelphia, which
has a history of being a noble institution that serves its
community with distinction.”
Any statements contained in this presentation that relate
to future plans, events or performance are forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995. These forward-looking statements are
subject to a number of risks and uncertainties that could
cause actual results to differ materially from those described
in the forward-looking statements. These risks and uncertainties
include, among others, those relating to technology and product
development, integration of acquired businesses, market acceptance,
government regulation and regulatory approval processes,
intellectual property rights and litigation, dependence on
collaborative relationships, ability to obtain financing,
competitive products, industry trends and other risks identified
in deCODE’s filings with the Securities and Exchange Commission.
deCODE undertakes no obligation to update or alter these
forward-looking statements as a result of new information,
future events or otherwise.
