LycoRed Settles Patent Infringement Lawsuit

4 Nov 2013 --- LycoRed has reached a settlement with Parry in the matter of Civil Action No. 12-1695-WHW-CLW, in which LycoRed filed for patent infringement in March 2012 against U.S. Nutraceuticals LLC, E.I.D. Parry (India) Ltd. and Parry Phytoremedies PVT, Ltd. (collectively "Parry") with respect to LycoRed's U.S. Patent Nos. 6,515,018, 5,837,311 and 5,965,183 regarding tomato lycopene products and related manufacturing processes.

As part of the terms of the confidential settlement, Parry acknowledged the validity of LycoRed’s asserted patents. Parry had challenged those patents in the Patent Office, but is now withdrawing its requests for Inter Partes Review.

Morris Zelkha, CEO of LycoRed, stated the following: “LycoRed invests millions of dollars in researching the efficacy and safety of its proprietary ingredients. It continues to differentiate itself from other companies in the market by using its proprietary processes to manufacture lycopene and unique compositions. Our patented Lyc-O-Mato is the only natural tomato lycopene extract in the market with bioactivity, safety, toxicity and efficacy supported by clinical studies. We are strong defenders of our intellectual property, so that LycoRed’s customers can continue to purchase safe and clinically effective Lyc-O-Mato and our other proprietary products, with confidence."

Parry reported that as part of the terms of the confidential settlement, it is withdrawing its requests for Inter Partes Review in the Patent Office. Parry acknowledges the validity of and agrees not to challenge LycoRed’s asserted patents. The district court litigation has been dismissed.

Sajiv Menon, Business Head of Parry stated “This settlement allows Parry to continue to offer lycopene products as part of its portfolio of quality ingredient sourcing alternatives to US companies in the field of nutraceuticals for use in dietary supplements, functional foods, beverages and nutricosmeticals. Parry's product portfolio includes Organic Spirulina, natural carotenoids such as lycopene, lutein, astaxanthin and beta-carotene and functional ingredients, produced at its world class manufacturing facilities located in India”. Parry had previously withdrawn its lycopene products from the U.S. market, but will be offering lycopene products for sale in the U.S. following the settlement.

Parry is a part of the USD 4.43 billion Murugappa Group, one of India's leading business conglomerates, founded in 1900. The Group has 28 businesses including 11 listed Companies actively traded in the Indian stock exchanges. Headquartered in Chennai, India, the major Companies of the Group include Carborundum Universal Ltd., Cholamandalam Investment and Finance Company Ltd., Cholamandalam MS General Insurance Company Ltd., Coromandel International Ltd., Coromandel Engineering Company Ltd., E.I.D. Parry (India) Ltd., Parry Agro Industries Ltd., Sabero Organics, Shanthi Gears, Tube Investments of India Ltd., and Wendt (India) Ltd.