SOUTH SAN FRANCISCO, Calif.--(BUSINESS WIRE)--Solazyme, Inc. (Nasdaq:SZYM), a pioneer in microalgae innovation and producer of sustainable algae oils and specialty ingredients has announced that on December 21, 2015, the United States District Court for the District of Delaware handed down a major decision in the proceedings between Solazyme, Inc., and Roquette Frères, S.A. Specifically, the court confirmed in its entirety, and without alteration, the Arbitration Panel Award of February 19, 2015. In addition, the court denied Roquette's motion for an order to vacate the Award, and denied Roquette's motions for summary judgment as to its declaratory judgment actions.
In February, the Arbitration panel found that Roquette has attempted to market products and patent intellectual property based on the intellectual property and products that Solazyme contributed to the parties’ joint venture (Solazyme Roquette Nutritionals LLC), specifically (i) a high lipid (whole) algal flour, and (ii) a high protein (whole) algal powder. Further, prior to working with Solazyme, Roquette did not possess any products that were in any way similar to either product.
The United States District Court’s confirmation of the Arbitration Award confirms that:
- Essentially all of the intellectual property from the Solazyme Roquette Nutritionals joint venture, including all patent applications and all “know-how” related to the products, is assigned solely to Solazyme,
- Roquette is to assign to Solazyme all of Roquette’s patent applications filed on or after November 3, 2010 related to microalgae foods, microalgae ingredients, microalgae nutritionals and all methods related to making and using them, and
- Roquette is to pay Solazyme $2.3 million dollars to cover all of Solazyme’s fees for the arbitration.
About Solazyme, Inc.
Solazyme, Inc. develops and sells innovative, sustainable, high-performance oils and ingredients that are better for people and better for the planet. Starting with microalgae, the world’s original source of oil, Solazyme creates renewable oils and ingredients that serve as the foundation for healthier foods; high-performance industrial products; unique home and personal care solutions; and more sustainable fuels. Headquartered in South San Francisco, Solazyme’s mission is to solve some of the world’s biggest problems with one of the world’s smallest and earliest life forms: microalgae. For additional information, please visit Solazyme’s website at www.solazyme.com.
Solazyme® and the Solazyme logo are trademarks of Solazyme, Inc.
Forward Looking Statements
This press release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. When used in this press release, the words “will”, “expects”, “intends” and other similar expressions and any other statements that are not historical facts are intended to identify those assertions as forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Any such statement may be influenced by a variety of factors, many of which are beyond the control of the companies, that could cause actual outcomes and results to be materially different from those projected, described, expressed or implied in this press release due to a number of risks and uncertainties. Potential risks and uncertainties include, among others: limited operating history; limited history commercializing products; implementation risk in deploying new technologies; limited experience in constructing, ramping up and operating commercial manufacturing facilities; delays related to start-up and ramp-up of production facilities; and availability of consistent, reliable power and steam. Accordingly, no assurances can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do so, what impact they will have on the results of operations or financial condition.
In addition, please refer to the documents that Solazyme, Inc. files with the Securities and Exchange Commission, including its Quarterly Report on Form 10-Q, as updated from time to time, for a discussion of these and other risks. You are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date of this press release. Solazyme is not under any duty to update any of the information in this press release.