i-Stat and Nova Biomedical settle patent suit:

Executive Summary

i-Stat and Nova Biomedical have settled a patent infringement case brought by Nova relating to analysers and cartridges to determine hematocrit. The two companies agreed to dismiss the litigation with prejudice. i-Stat will pay Nova $6.5 million in cash and $3.5 million in a one-year secured promissory note. Nova will grant i-Stat a worldwide, non-exclusive licence to make and sell the devices by any method under the patent. i-Stat will also pay Nova a 4% royalty of the invoice price of products using the licensed method sold in the US from the beginning of this year.