Stratagene Posts $21-Million Bond to Secure Damages Awarded to Third Wave
News Jan 30, 2006
Third Wave Technologies Inc. has announced that Stratagene Corp. has posted a $21-million bond with the U.S. District Court for the Western District of Wisconsin in Third Wave's name that secures the damages and attorneys' fees awarded to Third Wave in its patent infringement suit against Stratagene.
"The $21-million bond is posted with the federal court in Third Wave's name and ensures that Third Wave will be able to recover the award for Stratagene's willful infringement of our patents, pending successful resolution of the appeal," said Kevin T. Conroy, president and chief executive of Third Wave.
"Stratagene's bond is backed by the Travelers Casualty and Surety Co. and represents a commitment that we believe is outside the reach of Stratagene's creditors."
"We expect the appeal process to take fewer than 18 months and believe we have a strong position on appeal."
A federal jury last fall found that the Stratagene infringed two key Third Wave patents covering its proprietary molecular methods.
The jury also has found Stratagene liable for willful patent infringement. The federal judge overseeing the suit tripled the damages awarded to Third Wave to $15.9 million and ruled that Stratagene must pay Third Wave's attorney fees, in an amount to be determined by the court, as a result of the willful infringement.
The judge in late September also entered a permanent injunction that prohibits Stratagene Corp. from making, selling or offering to sell its FullVelocity QPCR and QRT-PCR products and any other products that practice Third Wave's patented Invader® methods.