Judge Overturns $7.1M Jury Verdict Vs. Umbilical-Cord Blood Banks

Law360, New York (September 20, 2004, 12:00 AM EDT) -- A federal court in Delaware has overturned a $7.1 million jury verdict from October 2003 for patent infringement against several of the nation's largest umbilical-cord blood banks and granted the defendants a new trial.

The judge threw out a jury verdict that had stipulated a "reasonable royalty rate" of 6.125% and awarded PharmaStem Therapeutics Inc. $7.1 million from defendants ViaCell Inc., Cryo-Cell International Inc., CorCell Inc., and CBR Systems Inc.

Pharmacell sued the umbilical-cord blood banks in November 2002, alleging that that they infringed on patents...
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