Healthcare Industry News: OrthoClear
News Release - September 28, 2006
OrthoClear, Inc. Announces Company's Intellectual Property and Patent Portfolio Purchased by Align Technology
Companies Agree to Release Each Other From All Pending LitigationSAN FRANCISCO, Sept. 28 (HSMN NewsFeed) -- Today, OrthoClear, Inc. announced that Align Technology, Inc. has agreed to purchase OrthoClear's intellectual property, including the company's extensive patent portfolio related to the manufacturing of clear, removable aligners as part of an overall settlement of litigation between the parties, which includes payments to OrthoClear totaling $20MM.
Per the companies' agreement, Align will offer OrthoClear doctors and patients the option of commencing Invisalign treatment at no cost to replace their discontinued OrthoClear treatment. Subject to shareholder consent, OrthoClear has agreed to discontinue manufacturing and marketing clear, removable aligners and related software worldwide.
OrthoClear, Inc. Chairman Peter Riepenhausen commented, "We are extremely proud of the organization we built and the contributions of OrthoClear's dedicated employees. The commitment by the team from day one has been unwavering, in the midst of an extremely competitive business environment."
The two companies have also agreed to dismiss all pending litigation between the parties, including claims against employees of both Align Technology and OrthoClear. There has been no finding of wrongdoing by any party or any of the individuals sued by Align, including Zia Chishti, Charlie Wen, Peter Riepenhausen, Christopher Kawaja, Joe Breeland, Jeff Tunnell, and Bao Tran.
Source: OrthoClear
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