The Danish Eastern High Court revokes the Maritime and Commercial High Court's decision of 22 February 2016 in favour of Nuevolution's request
Stockholm, 8 December 2017. After a preliminary court hearing on November 9 and 10, 2017, the Eastern High Court today decided to revoke the Maritime and Commercial High Court's (Sø- og Handelsretten's) original decision from February 22, 2016, in favour of Nuevolution's request, and to send the case back to the Maritime and Commercial High Court for renewed review. Chemgene Holding ApS and Henrik Pedersen was ordered to pay DKK 40,000 excl. VAT to Nuevolution A/S within 14 days.
The case will now undergo further written preparation before the Maritime and Commercial High Court, where Nuevolution will now have access to thoroughly substantiate its case that the agreement was entered into through deceit by Pedersen, and that the agreement between the parties was breached by Pedersen, and furthermore that Nuevolution is the rightful owner of the patent family owned by Chemgene Holding ApS.
In 2012, Nuevolution filed a suit with the Danish Maritime and Commercial High Court (Sø- og Handelsretten) to clarify the ownership of one patent family. This patent family is currently controlled by Henrik Pedersen, a former CSO of the Nuevolution. Nuevolution believes that it can document that it is the rightful owner of this patent family, and is seeking the court's assistance to assign ownership to Nuevolution.
The person, who presently is registered as inventor of the patent family, has filed affidavits with the United States Patent and Trademark Office as well as a US court. In these affidavits, he clarifies and specifically submits that Henrik Pedersen, and not himself is the true inventor. He also submits additional circumstances concerning the patent filing supporting Nuevolution's case.
Henrik Pedersen is of the opinion that an agreement between the parties prevents Nuevolution from raising the question about inventorship of and ownership to the patent family despite the fact that new information and essential evidence about the circumstances around the filing of the patent has been made available only recently. Nuevolution believes that the agreement was entered into through deceit by Pedersen and furthermore later breached by Pedersen.
These particular questions were pleaded before the Maritime and Commercial High Court in December 2015. In a decision from 22 February 2016, the Maritime and Commercial High Court found that the agreement bars Nuevolution from raising the question about inventorship of and ownership to the patent family.
Nuevolution was surprised and disagreed with the Maritime and Commercial High Court's decision, and filed an appeal with the Eastern High Court.
Today, the Eastern High Court rendered a decision that in its conclusion read:
"The Maritime and Commercial High Court's decision of February, 22 2016 is revoked, and the case is directed back to the Maritime and Commercial High Court for further substantive review of the questions that were decided in the appealed decision.
Chemgene Holding ApS (a company fully owned by Henrik Pedersen) and Henrik Pedersen shall no later than 14 days from today pay 40,000 kr. excluding VAT to Nuevolution A/S.
The appeal tax is paid back to Nuevolution." (English translation from Danish)
The consequence of the Eastern High Court's decision is that Nuevolution is not barred from raising the questions and present relevant evidence on whether the agreement was entered into through deceit by Pedersen, whether the agreement between the parties was breached by Pedersen, and furthermore whether Nuevolution is the rightful owner of the patent family.
Based on the evidence as currently known to Nuevolution, the company believes it has a strong case for being successful in the Danish dispute. However, irrespective of whether Nuevolution ultimately prevails in the litigation or not, the outcome is not expected to adversely impact Nuevolution's use of the Chemetics® platform as used in practice today.
The court case may continue for a longer period of time. Further details on the case can be found in Nuevolution's IPO 2015 prospectus page 82, which can be found in the library section of the investor section on Nuevolution's website https://nuevolution.com/investors/investor-library.
For more information, please contact:
Alex Haahr Gouliaev, CEO
Phone: +45 70 20 09 87
Nuevolution AB (publ) is a leading small molecule drug discovery biotech company founded in 2001, headquartered in Copenhagen, Denmark. Nuevolution partners its proprietary discovery platform and programs with pharmaceutical and biotechnology companies to seek future benefit for patients in need of novel medical treatment options. Nuevolution's internal programs are focused on therapeutically important targets within inflammation, oncology and immuno-oncology.
This information is information that Nuevolution AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was sent for publication, through the agency of the contact person set out above, on Friday 8 December 2017, 15:30 CET.
Nuevolution AB (publ) is listed at Nasdaq First North Premier in Stockholm, Sweden (ticker: NUE.ST). Redeye AB acts as Certified Adviser to Nuevolution AB (publ). More information about Nuevolution can be found at: www.nuevolution.com.
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