DECN Sets Plan to Make Upcoming Patent Infringement Appeal Hearing and Mediation with Johnson & Johnson a Foundation for Substantial Recovery
Press Release | 05/09/2019
Company Plans to Build a Foundation for Settlement of All Legal Matters by Wrapping a Legal Settlement into a Wide Ranging Pact to Include its Genultimate TBG
LOS ANGELES, CA / ACCESSWIRE / May 9, 2019 / Decision Diagnostics Corp. (OTC PINK: DECN) is a 17 year old, diabetes-focused bio-technology R&D firm, manufacturer, quality plan administrator, FDA registered medical device customer support organization, and exclusive worldwide sales and regulatory process agent for the GenUltimate! ('Sunshine'
diabetes test strip, the internationally launched GenSure! ('Feather' diabetes test strip, and its GenChoice! ('Ladybug' test strip now under review for FDA 510K clearance. The company also markets the PetSure! test strip for the diabetic testing of dogs and cats, a diagnostic specifically designed to run on the market leading Zoetis Alpha Trak meter system, and the GenUltimate! Test 4Pets test strip and Avantage! meter launched earlier in 2019, and the panacea GenUltimate! TBG ('Dragonfly' highly precise diabetes testing system, ready for clinical trials.
As discussed earlier this week, DECN views the mid-course Appeal in its patent litigation battle with Johnson & Johnson as a paramount event, the company also feels that the Mediation prior to the Appeal hearing is perhaps more important. The Mediation presents an opportunity to settle all of the differences between the litigants who have been battling since 2011. And DECN plans to use this Mediation to wrap a legal settlement into a wide ranging pact to include a sale or licensing arrangement for its panacea GenUltimate TBG product with Platinum Equity, Lifescan, Inc.'s new owner.
Keith Berman, CEO of DECN commented, "We are confident that our overall patent case against J&J is strong. We have reviewed the cost of J&J's infringement time and again, and believe the direct cost of their infringement is approximately $350 million when taking into account J&J's reported sales during the period from 2010-2016 (the look back period), and the $.75 per test strip charged for the 9+ billion test strips sold during that time period. There are also indirect damages suffered."
DECN is also the manufacturer of the GenUltimate TBG test strip and Precise glucometer. This system, as well as our GenUltimate product, are fully compatible with the OneTouch Ultra family of meters, products that have been eclipsed but are still market leaders even as this family of products enters their 19th year of commercialization. GenUltimate TBG will be the first glucose measuring system, with the GenUltimate TBG test strip capable of 100% compatibility with the Lifescan, Inc. OneTouch Ultra family of meters, but along with the GenUltimate TBG Precise meter, TBG will provide unparalleled precision and accuracy in a market where the technology has been stagnant for the past decade.
Mr. Berman continued, "While it is our desire to settle all of our differences with Johnson & Johnson, we are still prepared to take the current litigation to its conclusion. And should J&J opt to continue their challenge, DECN plans to file additional litigation against J&J for false advertising, something we had planned to do prior to the unreasonable ruling by the lower court judge. Let us hope that more litigation isn't J&J's answer."
Mr. Berman concluded, "DECN has two interested parties for our GenUltimate TBG, but only one of the offers currently piques the interest of the Board. Ultimately our investors and shareholders need to understand that a company is a business and not just a stock. The Board's job, most of all, is to provide continuity, and we do seem to have the product and market answers to many questions."
ABOUT DECISION DIAGNOSTICS CORP
Decision Diagnostics Corp. is the leading manufacturer and worldwide distributor of diabetic test strips engineered to operate on legacy glucose meters. DECN's products are designed to operate efficiently and less expensively on certain glucose meters already in use by almost 7.5 million diabetics worldwide. With new inspired technology diabetic test strips already in the final stages of development, DECN products compete on a worldwide scale with legacy manufacturers currently selling to 71+ percent of a $12 billion at-home testing market.
Forward-Looking Statements:
This release contains the company's forward-looking statements which are based on management's current expectations and assumptions as of May 8, 2019, regarding the company's business and performance, its prospects, current factors, the economy, and other future conditions and forecasts of future events, circumstances, and results.
CONTACT INFORMATION:
Decision Diagnostics Corp.
Keith Berman (805) 446-2973
info@decisiondiagnostics.com
www.genultimate.com
www.petsureteststrips.com
www.pharmatechdirect.com
SOURCE: Decision Diagnostics Corp.
Press Release | 05/09/2019
Company Plans to Build a Foundation for Settlement of All Legal Matters by Wrapping a Legal Settlement into a Wide Ranging Pact to Include its Genultimate TBG
LOS ANGELES, CA / ACCESSWIRE / May 9, 2019 / Decision Diagnostics Corp. (OTC PINK: DECN) is a 17 year old, diabetes-focused bio-technology R&D firm, manufacturer, quality plan administrator, FDA registered medical device customer support organization, and exclusive worldwide sales and regulatory process agent for the GenUltimate! ('Sunshine'
diabetes test strip, the internationally launched GenSure! ('Feather' diabetes test strip, and its GenChoice! ('Ladybug' test strip now under review for FDA 510K clearance. The company also markets the PetSure! test strip for the diabetic testing of dogs and cats, a diagnostic specifically designed to run on the market leading Zoetis Alpha Trak meter system, and the GenUltimate! Test 4Pets test strip and Avantage! meter launched earlier in 2019, and the panacea GenUltimate! TBG ('Dragonfly' highly precise diabetes testing system, ready for clinical trials. As discussed earlier this week, DECN views the mid-course Appeal in its patent litigation battle with Johnson & Johnson as a paramount event, the company also feels that the Mediation prior to the Appeal hearing is perhaps more important. The Mediation presents an opportunity to settle all of the differences between the litigants who have been battling since 2011. And DECN plans to use this Mediation to wrap a legal settlement into a wide ranging pact to include a sale or licensing arrangement for its panacea GenUltimate TBG product with Platinum Equity, Lifescan, Inc.'s new owner.
Keith Berman, CEO of DECN commented, "We are confident that our overall patent case against J&J is strong. We have reviewed the cost of J&J's infringement time and again, and believe the direct cost of their infringement is approximately $350 million when taking into account J&J's reported sales during the period from 2010-2016 (the look back period), and the $.75 per test strip charged for the 9+ billion test strips sold during that time period. There are also indirect damages suffered."
DECN is also the manufacturer of the GenUltimate TBG test strip and Precise glucometer. This system, as well as our GenUltimate product, are fully compatible with the OneTouch Ultra family of meters, products that have been eclipsed but are still market leaders even as this family of products enters their 19th year of commercialization. GenUltimate TBG will be the first glucose measuring system, with the GenUltimate TBG test strip capable of 100% compatibility with the Lifescan, Inc. OneTouch Ultra family of meters, but along with the GenUltimate TBG Precise meter, TBG will provide unparalleled precision and accuracy in a market where the technology has been stagnant for the past decade.
Mr. Berman continued, "While it is our desire to settle all of our differences with Johnson & Johnson, we are still prepared to take the current litigation to its conclusion. And should J&J opt to continue their challenge, DECN plans to file additional litigation against J&J for false advertising, something we had planned to do prior to the unreasonable ruling by the lower court judge. Let us hope that more litigation isn't J&J's answer."
Mr. Berman concluded, "DECN has two interested parties for our GenUltimate TBG, but only one of the offers currently piques the interest of the Board. Ultimately our investors and shareholders need to understand that a company is a business and not just a stock. The Board's job, most of all, is to provide continuity, and we do seem to have the product and market answers to many questions."
ABOUT DECISION DIAGNOSTICS CORP
Decision Diagnostics Corp. is the leading manufacturer and worldwide distributor of diabetic test strips engineered to operate on legacy glucose meters. DECN's products are designed to operate efficiently and less expensively on certain glucose meters already in use by almost 7.5 million diabetics worldwide. With new inspired technology diabetic test strips already in the final stages of development, DECN products compete on a worldwide scale with legacy manufacturers currently selling to 71+ percent of a $12 billion at-home testing market.
Forward-Looking Statements:
This release contains the company's forward-looking statements which are based on management's current expectations and assumptions as of May 8, 2019, regarding the company's business and performance, its prospects, current factors, the economy, and other future conditions and forecasts of future events, circumstances, and results.
CONTACT INFORMATION:
Decision Diagnostics Corp.
Keith Berman (805) 446-2973
info@decisiondiagnostics.com
www.genultimate.com
www.petsureteststrips.com
www.pharmatechdirect.com
SOURCE: Decision Diagnostics Corp.
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