The Stockholm Patent and Market court confirmed C-RAD’s entitlement to the patent application “Ionizing radiation detecting device” in its verdict published today. C-RAD filed a patent entitlement lawsuit in May 2017 against the company Beamocular AB.
A patent application for an invention was filed by Beamocular on March 2, 2015, followed by a PCT patent application on March 2, 2016. The founder and CEO of Beamocular, Kristofer Maad was previously employed by C-Rad as the CEO of C-RAD Imaging AB until September 2014.
C-RAD Imaging AB is a subsidiary of C-RAD focused on the development of a portal imaging and dosimetry device. The disputed invention is related to the research and development for C-RAD’s imaging detector for which C-RAD Imaging has filed its own earlier patent application in 2013, which now is a granted US patent. The detector has not been commercialized yet.
The company Beamocular filed for bankruptcy in the meantime. Beamocular still has the right to file an appeal.
C-RAD had legal and associated costs of approximately 1,5 MSEK related to the lawsuit, whereas the largest part has already been accounted for as cost until the first quarter 2019. As C-RAD prevailed in this dispute C-RAD shall be reimbursed by Beamocular for the full cost. Due to the financial situation of Beamocular, C-RAD might not get reimbursed in full.
About C-RAD
C-RAD develops innovative solutions for use in advanced radiation therapy. The C-RAD group offers products and solutions for patient positioning, tumor localization and radiation treatment systems. All product development is conducted in three fully owned subsidiaries: C-RAD Positioning AB, C-RAD Imaging AB and C-RAD Innovation AB, all of which are located in Uppsala, Sweden. C-RAD has established three companies for direct sales: C-RAD Inc. in the US, C-RAD GmbH in Germany and C-RAD WOFE in China. Cyrpa International SPRL, a Franco-Belgian laser company, is a wholly owned subsidiary whose operations are integrated. C-RAD AB is listed on NASDAQ Stockholm.
For more information on C-RAD, please visit http://www.c-rad.com
For further information:
Tim Thurn, CEO C-RAD AB, Phone +46-18-666930, Email investors@c-rad.com
This information is information that C-RAD AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication at 13:00 CET on July 26, 2019.
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