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Novozymes Awarded Damages for Patent Infringement

Novozymes A/S (NVZMF.PK), based in Denmark, was awarded double damages, attorneys’ fees and costs for patent infringement. A federal court in Delaware ordered Danisco to pay damages of US $4,088,584 plus prejudgment interest for infringing Novozymes’ U.S. Patent No. 6,867,031 covering Spezyme® Ethyl, an enzyme used to manufacture bioethanol. The federal court also found that Danisco wilfully infringed Novozymes’ patent and that the case was exceptional. As a result, the court doubled the damages and also awarded Novozymes attorneys’ fees and costs. The court also issued a permanent injunction against Danisco preventing future violations of Novozymes’ patent. The case began in March 2005 when Novozymes brought a patent infringement litigation against Genencor International Inc., which was subsequently acquired by Danisco A/S. The litigation was based on the sales of Genencor’s product Spezyme® Ethyl to the American market for bioethanol and other industries. In August 2006, a Federal District Court in Delaware, USA held that Spezyme® Ethyl infringed Novozymes’ patent. At that time, Danisco chose to withdraw the product from the market. The damage payment of DKK 45 – 50 million will have a positive effect on Novozymes’ EBIT and net result for 2007, provided the decision of the court is […]

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Converted Organics Closes $17.5M Bond Deal

Converted Organics Inc. (NASDAQ: COIN) has closed a tax-exempt New Jersey Economic Development Authority Solid Waste Revenue Bond deal for $17.5 million. The proceeds of the bonds will be used to develop and construct the Company’s initial facility in Woodbridge, NJ. The 20-year bonds will bear interest at 8.0% annually and will be secured by a corporate guarantee by Converted Organics Inc., a leasehold mortgage, and a first lien on equipment and other assets at the New Jersey facility in favor of the bondholders. The borrower under the bond issue will be Converted Organics of Woodbridge, LLC, a wholly-owned New Jersey limited liability subsidiary of Converted Organics Inc. The subsidiary will develop and operate the New Jersey facility. Edward J. Gildea, President and CEO said, “This has been an exciting week for us. We have closed our equity offering, and the units have begun trading on the NASDAQ. Now, we have completed our bond deal. Combined, these events will allow us to build the New Jersey plant to produce an organic fertilizer, or ‘biostimulant,’ with applications in the agricultural, horticultural, and turf markets. We have already begun to establish relationships with customers on the east coast, and this offering will […]

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