deCODE genetics (Nasdaq:DCGN) today announced that it has filed legal proceedings
against five former employees for misappropriation of deCODE trade secrets
and intellectual property, and related breach of non-competition and non-solicitation
provisions of employment agreements.
The five, including Hakon Hakonarson, formerly vice president of business
development at deCODE, were recruited and at least four are currently employed
by the Center for Applied Genomics (CAG), a business unit of the Children’s
Hospital of Philadelphia (CHOP), which is also a defendant in the case. The
suit, filed in US District Court in Philadelphia, Pennsylvania, asserts, among
other things, that these individuals, while still deCODE employees and with
the knowledge of senior CHOP staff, copied or sent directly to CHOP deCODE
proprietary methods, tools, business plans and research results owned by the
company. Through analysis of its own computer systems, deCODE has gathered
detailed evidence that the goal of these activities was to employ deCODE assets
to further CAG’s commercial mission. This was to generate significant revenue
for CHOP by patenting research results and licensing these patents to biotechnology
and pharmaceutical companies.
deCODE believes it is in a strong position to secure its intellectual property
and intends to do so. deCODE has already been granted temporary restraining
orders aimed at preventing destruction of evidence in addition to that which
the company believes defendants have already destroyed. The company is seeking
a preliminary injunction to seek enforcement of its contractual rights and
to prevent CAG from using or benefiting from deCODE proprietary systems or
information. A hearing on the motion for a preliminary injunction is scheduled
to begin in Philadelphia today, September 26 at 10am, at the US Courthouse
located at 601 Market Street in downtown Philadelphia. The complaint and key
findings of fact and law will be made available via the office of the clerk
of the court at: www.paed.uscourts.gov, telephone (215) 597-7704.
About deCODE
deCODE genetics (NASDAQ:DCGN) is a global leader in applying human genetics
to develop drugs for common diseases. Our population approach has enabled
us to discover and target key biological pathways involved in conditions
ranging from heart attack to cancer. We are turning these discoveries into
new medicine to better treat and prevent many of the biggest challenges to
public health. deCODE is delivering on the promise of the new genetics.SM
Visit us on the web at www.decode.com.
Any statements contained in this presentation that relate to future plans,
events or performance are forward-looking statements within the meaning of
the Private Securities Litigation Reform Act of 1995. These forward-looking
statements are subject to a number of risks and uncertainties that could cause
actual results to differ materially from those described in the forward-looking
statements. These risks and uncertainties include, among others, those relating
to technology and product development, integration of acquired businesses,
market acceptance, government regulation and regulatory approval processes,
intellectual property rights and litigation, dependence on collaborative relationships,
ability to obtain financing, competitive products, industry trends and other
risks identified in deCODE’s filings with the Securities and Exchange Commission.
deCODE undertakes no obligation to update or alter these forward-looking statements
as a result of new information, future events or otherwise.
Contact:
Edward Farmer
+1 212 343 2819
info@decode.is
Joy Bessenger
+1 212 481 3891
ir@decode.is
