Luminex Corporation Reaches Settlement With Rules Based Medicine, Inc.
October 15 2007 - 7:21AM
PR Newswire (US)
AUSTIN, Texas, Oct. 15 /PRNewswire-FirstCall/ -- Luminex
Corporation (NASDAQ:LMNX) today announced that it has settled the
pending litigation with Rules Based Medicine, Inc ("RBM"). As part
of the settlement, Luminex received a cash payment of $12.5
million. The cash payment was made by RBM in exchange for
resolution of the dispute between the companies regarding
Biophysical Corporation as well as the retirement of Luminex's
stock ownership in RBM and the grant of certain additional
licensing rights from Luminex. All other terms of the agreement are
confidential. The parties intend to formally dismiss the lawsuit,
as required by the Settlement Agreement. Luminex Corporation
develops, manufactures and markets proprietary biological testing
technologies with applications throughout the life sciences
industry. The Company's xMAP(R) system is an open-architecture,
multi-analyte technology platform that delivers fast, accurate and
cost-effective bioassay results to markets as diverse as
pharmaceutical drug discovery, clinical diagnostics and biomedical
research, including the genomics and proteomics research markets.
The Company's xMAP technology is sold worldwide and is in use in
leading research laboratories as well as major pharmaceutical,
diagnostic and biotechnology companies. Further information on
Luminex Corporation or xMAP can be obtained on the Internet at
http://www.luminexcorp.com/ . Contact: Harriss T. Currie Vice
President, Finance and Chief Financial Officer 512-219-8020
DATASOURCE: Luminex Corporation CONTACT: Harriss T. Currie, Vice
President, Finance and Chief Financial Officer of Luminex
Corporation, +1-512-219-8020, Web site: http://www.luminexcorp.com/
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