Igene, ADM settle astaxanthin suit
Tuesday, October 14, 2003
Igene Biotechnology Inc and agribusiness company, Archer Daniels Midland Co. have finally settled a dispute involving allegations of patent infringement and counterclaims concerning the theft of trade secrets.
In the lawsuit, originally filed in 1997, Igene alleged that ADM had been given commercial secrets on how to color farmed salmon pink, by a former Igene employee. ADM countersued, accusing Igene of patent infringement.
Igene said in a statement that the suit's resolution "did not result in an unfavorable outcome to Igene and that accordingly, no liability has been reflected in the September 30, 2003 balance sheet".
Igene will continue to make and sell its product, AstaXin.
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