Biolidics reaches settlement with biochip partner Sysmex after IP dispute

CATALIST-LISTED medtech firm Biolidics on Monday reached an "amicable settlement" with Japan biochip partner Sysmex Corporation "without any admission to liability", putting paid to previous disputes over intellectual property (IP).

Biolidics first served a letter of demand to Sysmex in October last year, alleging that the latter had breached IP obligations under a collaboration agreement struck in 2016 for the joint development of biochips. Sysmex then filed a counterclaim against Biolidics, alleging that Biolidics had breached its obligations under a feasibility study agreement entered into between both parties in August 2014. Biolidics then issued a notice of arbitration to Sysmex in November.

The settlement agreement on Monday will "fully settle all matters", including Sysmex's counterclaim against the company, said Biolidics in a bourse filing.

Its board is also of the view that the settlement is in the best interests of the group, it said. The settlement is not expected to have a material impact on the financial performance of the group for the current financial year ending December 31, 2021

Shares of Biolidics fell S$0.005 or 1.89 per cent to close at S$0.26 on Monday.