TIDMNANO
RNS Number : 7309S
Nanoco Group PLC
13 July 2020
FOR IMMEDIATE RELEASE 13 July 2020
Nanoco Group PLC
( " Nanoco", the " Group ", or the " Company")
Litigation Funding Agreement
Agreement funds patent infringement lawsuit against Samsung
Nanoco Group plc (LSE: NANO), a world leader in the development
and manufacture of cadmium-free quantum dots and other
nanomaterials emanating from its technology platform, today
announces that it has signed a Litigation Funding Agreement ('LFA'
or 'Agreement') with a very large U.S. litigation finance
specialist with extensive experience in financing technology-based
IP patent litigation matters (the 'Funder').
On 17 February 2020, the Group announced that it had filed a
patent infringement lawsuit against various Samsung entities in the
United States District Court for the Eastern District of Texas. The
lawsuit claims infringement of a number of Nanoco's U.S. patents
which relate to Nanoco's unique synthesis and resin capabilities
for quantum dots. Nanoco retained Mintz, Levin, Cohn, Ferris,
Glovsky and Popeo, P.C. ('Mintz'), an international IP law firm
based in Boston, Massachusetts, USA, to represent it in patent
enforcement and litigation. Ward, Smith & Hill, PLLC, an IP law
firm based in Longview, Texas, USA, was retained to act as local
counsel.
Under the LFA, the Funder will fund the costs of the litigation
against Samsung. The LFA removes the funding burden for the suit
from Nanoco and its shareholders. In return, the Funder can expect
to receive a multiple of their invested capital in the event of a
settlement or judgement in favour of Nanoco. Patent infringement
cases can take 2 years or more to get to trial and cost many
millions of dollars to prosecute.
The Board is confident in the strength of Nanoco's IP portfolio
and the suit against Samsung. Damages models indicate that the
Group will retain the majority of any financial award or settlement
and the Group's relative and absolute share of any award will
increase with the size of the overall award.
Dr Michael Edelman, Nanoco's CEO, commented:
" We are particularly pleased to be working with IP lawyers and
a Funder who have strong and established track records for
successfully pursuing patent infringement cases, including against
Samsung. The successful outcome of their extensive and detailed due
diligence, including the use of independent experts, adds to our
significant confidence in our case against Samsung for what we
believe to be their willful infringement of our intellectual
property. This follows on from the similarly detailed due diligence
performed by our strategic adviser (Epicentre IP Group LLC) and
litigation counsel (Mintz).
"With third party funding for the costs of the litigation,
alongside our recently announced agreement with STMicroelectronics
underpinning our cash runway through the second quarter of 2021, we
now have a platform on which to deliver new commercial business
wins and further extend our cash runway while actively pursuing
this lawsuit against Samsung."
- Ends -
For further information, please contact:
Nanoco Group PLC :
Michael Edelman, CEO +44 (0) 161 603 7900
Brian Tenner, COO & CFO +44 (0) 161 603 7900
Caroline Watson, Investor Relations Manager +44 (0) 7799 897
357
cwatson@nanocotechnologies.com
Peel Hunt:
Edward Knight +44 (0) 20 7418 8900
Nick Prowting
MHP Communications : +44 (0) 203 128 8570
Reg Hoare
Giles Robinson
Pete Lambie
nanoco@mhpc.com
The person responsible for arranging for the release of this
announcement on behalf of Nanoco is Brian Tenner, Chief Financial
Officer.
MAR
The information contained within this announcement is considered
by the Company to constitute inside information as stipulated under
the Market Abuse Regulation (EU) No. 596/2014. Upon the publication
of this announcement via a Regulatory Information Service, this
inside information will be considered to be in the public
domain.
FORWARD LOOKING STATEMENTS
This announcement (including information incorporated by
reference in this announcement) and other information published by
Nanoco may contain statements about Nanoco that are or may be
deemed to be forward looking statements. Such statements are
prospective in nature. All statements other than historical
statements of facts may be forward looking statements. Without
limitation, statements containing the words "targets", "plans",
"believes", "expects", "aims", "intends", "will", "may",
"anticipates", "estimates", "projects" or "considers" or other
similar words may be forward looking statements.
Forward looking statements inherently contain risks and
uncertainties as they relate to events or circumstances in the
future. Important factors such as business or economic cycles, the
terms and conditions of Nanoco's financing arrangements, tax rates,
or increased competition may cause Nanoco's actual financial
results, performance or achievements to differ materially from any
forward looking statements. Due to such uncertainties and risks,
readers are cautioned not to place undue reliance on such forward
looking statements, which speak only as of the date hereof. Nanoco
disclaims any obligation to update any forward looking or other
statements contained herein, except as required by applicable
law.
Notes for editors:
About Nanoco Group plc
Nanoco (LSE: NANO) harnesses the power of nano-materials.
Nano-materials are materials with dimensions typically in the range
1 - 100 nm. Nano-materials have a range of useful properties,
including optical and electronic. Quantum dots are a subclass of
nano-material that have size-dependent optical and electronic
properties. The Group produces quantum dots. Within the sphere of
quantum dots, the Group exploits different characteristics of the
quantum dots to target different performance criteria that are
attractive to specific markets or end-user applications such as the
Display and Electronics markets. One of the interesting properties
of quantum dots is photoluminescence: the emission of longer
wavelength light upon excitation by light of a shorter wavelength.
The colour of light emitted depends on the particle size. Nanoco's
CFQD(R) quantum dots are free of cadmium and other toxic heavy
metals and can be tuned to emit light at different wavelengths
across the visible and infrared spectrum, rendering them useful for
a wide range of applications including displays, lighting and
biological imaging.
Nanoco was founded in 2001 and is headquartered in Manchester,
UK, with a US subsidiary, Nanoco Inc., in Concord, MA. Nanoco
continues to build out a world-class, patent-protected IP portfolio
generated both by its own innovation engine, as well as through
acquisition.
Nanoco is listed on the Main Market of the London Stock Exchange
and trades under the ticker symbol NANO. For further information
please visit: www.nanocotechnologies.com .
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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