Further to the statement made by the Company on 27 April 2016 (RNS No. 4638W: Notice of Patent Infringement Proceedings), the Group subsidiaries, MedaPhor Limited and MedaPhor North America Inc. (collectively “MedaPhor”), announce that MedaPhor and SonoSim Inc. and The Regents of the University of California have reached an agreement in principle on a patent license and patent infringement settlement. As a result, the parties will proceed to formalize their agreement in writing, following which the lawsuit between the parties will be dismissed.
The settlement will be satisfied from the existing cash resources of the Group. The Company will provide a further update on the settlement once all documents are finalised.
This announcement contains inside information which is disclosed in accordance with the Market Abuse Regulations which came into effect on 3 July 2016.