CellPro Files For Bankruptcy, Sells Assets, Lawsuit Settled
US biotechnology firm CellPro is filing for bankruptcy, its chiefexecutive Rick Murdock has resigned, a number of jobs have been lost, it has sold off its assets and has settled a patent infringement lawsuit.
$15.6 Million Settlement CellPro has agreed to pay Baxter Healthcare Corp, John Hopkins University and Becton Dickson approximately $15.6 million after a US appeals court ruled that the company infringed patents when developing its Ceprate SC hematological transplant system. As a result, the firm is to discontinue operations other than backup functions necessary to support a limited number of Ceprate kits for which Baxter will act as worldwide distributor.
CellPro is also planning to sell nearly all its intangible assets and intellectual property to Nexell Therapeutics, a subsidiary of VIMRx Pharmaceuticals, in exchange for $3 million in VIMRx securities. Baxter also holds a minority stake in Nexell.
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