February 6, 2003
NOTE TO JOURNALISTS: This Cook Biotech Inc. release is being distributed by Purdue University.
Cook Biotech, Incorporated and Purdue Research Foundation settle licensing dispute over biomaterial rights
WEST LAFAYETTE, Ind. Cook Biotech Inc. and the Purdue Research Foundation (PRF) have signed an agreement settling legal and financial issues between the two parties relating to Cook's license to develop commercial medical products from bioscaffolds discovered by Purdue University scientists. This settlement officially includes dismissal of the lawsuit pending between the parties.
"This settlement respects the intellectual property rights and the financial investments of both parties relating to the development of commercial medical products from extracellular matrix materials. This is a very positive outcome," said Mark Bleyer, president, Cook Biotech. "The Cook organization is extremely pleased to have this issue resolved and to once again be in a cooperative relationship with PRF and Purdue University. The parties are ready to continue the process of making this uniquely beneficial medical technology available to patients in new ways."
Joseph B. Hornett, senior vice president and treasurer of PRF, stated: "We had some very complex issues to resolve in order to achieve this positive outcome. However, the first priority for both parties was to advance the possibilities of this exciting medical technology as far as possible. We are extremely pleased that our discussions have been both cordial and productive, and that we will continue to work with Cook in extending the benefits of this groundbreaking technology, made possible through Purdue University research."
Although specific details of the settlement agreement were not disclosed, Cook Biotech has certain rights to develop new medical products based on a broad range of extracellular matrix (ECM) biomaterials discovered at Purdue. PRF will continue to license ECM biomaterials to certain other companies for fields of use not licensed to Cook. PRF is the licensing agent for Purdue University.
Cook Biotech was founded in 1995 with shared ownership by Cook Group, PRF and Methodist Hospital/Clarian to create commercial medical products from bioscaffolds such as small intestinal submucosa (SIS). Since then, Cook has spent millions of dollars developing this SIS technology into a range of medical products that have helped tens of thousands of patients worldwide.
Currently, Cook Biotech is one of only a few companies to successfully bring to market products in the emerging field of tissue engineering. The company has received nine FDA clearances for medical products currently being used to help patients undergoing wound care, burn management, hernia repair, urological procedures, general surgery, oral surgery and vascular surgery. Cook Biotech's administrative headquarters and manufacturing facilities are in the Purdue Research Park in West Lafayette, Ind.
With international headquarters in Bloomington, Ind., privately held COOK® is a leading designer, manufacturer and global distributor of minimally invasive medical device technology for diagnostic and therapeutic procedures. Since its founding in 1963, Cook has created innovative technologies for stents and stent-grafts, catheters, wire guides, introducer needles and sheaths, embolization coils, tissue-engineered medical biomaterials, vena cava filters, implanted cardiac lead extraction equipment, and other minimally invasive medical devices.
Sources: David McCarty, director of public relations, Cook Inc., (812) 339-2235, ext. 2387; email@example.com
Madia Milks, marketing communications coordinator, Cook Biotech Inc., (765) 497-3355; firstname.lastname@example.org
Joseph B. Hornett, (765) 496-8645, email@example.com