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Press release content from Business Wire. The AP news staff was not involved in its creation.
PRESS RELEASE: Paid content from Business Wire
Press release content from Business Wire. The AP news staff was not involved in its creation.

Labrador Diagnostics Will Grant Royalty-free Licenses for COVID-19 Testing

March 17, 2020 GMT

NEW YORK--(BUSINESS WIRE)--Mar 17, 2020--

Labrador Diagnostics LLC (“Labrador”) today announced that it will offer to grant royalty-free licenses to third parties to use its patented diagnostics technology for use in tests directed to COVID-19. Labrador fully supports efforts to assess and ultimately end this pandemic and hopes that more tests will be created, disseminated, and used to quickly and effectively protect our communities through its offer of a royalty-free license during the current crisis.

On March 9, 2020, Labrador, an entity owned by investment funds managed by Fortress Investment Group LLC, filed a patent infringement lawsuit in the District of Delaware to protect its intellectual property. Labrador wants to make clear that the lawsuit was not directed to testing for COVID-19. The lawsuit focuses on activities over the past six years that are not in any way related to COVID-19 testing.

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Two days after the lawsuit was filed on March 11, 2020, the defendants issued a press release announcing that they were developing tests for COVID-19. Labrador had no prior knowledge of these activities by the defendants. When Labrador learned of this, it promptly wrote to the defendants offering to grant them a royalty-free license for such tests.

View source version on businesswire.com:https://www.businesswire.com/news/home/20200316005955/en/

CONTACT: Media

Gordon E. Runté

212.798.6082

grunte@fortress.com

KEYWORD: NEW YORK UNITED STATES NORTH AMERICA

INDUSTRY KEYWORD: PROFESSIONAL SERVICES HEALTH LEGAL CONSULTING PHARMACEUTICAL BIOTECHNOLOGY

SOURCE: Fortress Investment Group LLC

Copyright Business Wire 2020.

PUB: 03/17/2020 12:11 AM/DISC: 03/17/2020 12:11 AM

http://www.businesswire.com/news/home/20200316005955/en