LecTec and Endo Pharmaceuticals settle patent lawsuit

LecTec, an intellectual property licensing and holding company, has reached a settlement with Endo Pharmaceuticals, a specialty pharmaceutical company, on outstanding patent litigation related to two of LecTec's US patents.

Endo Pharmaceuticals has agreed to make a one-time, $23 million payment for the exclusive license to these two patents for use in the field of prescription pain medicines and treatment.

LecTec filed a patent infringement action in US District Court in July 2008 against Endo Pharmaceuticals and others in the topical medicated patch business alleging patent infringement of the core structure and composition claims of two of LecTec's patents.

Judd Berlin, CEO of LecTec, said: "LecTec is pleased to have reached an agreement with Endo Pharmaceuticals which avoids the uncertainties of litigation and provides LecTec with the capital to explore the opportunities in its patent portfolio."

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