MIGDAL HA'EMEQ, Israel, Feb. 3, 2015 (GLOBE NEWSWIRE) -- Enzymotec Ltd. (Nasdaq:ENZY) ("Enzymotec" or the "Company"), a developer, manufacturer and marketer of innovative bio-active lipid ingredients, announced today that the Australian Patent Office has issued a favorable response to the Company's request for re-examination of Neptune Technologies & Bioressources' ("Neptune") patent as it relates to krill oil in Australia.
Neptune has until March 28, 2015 to overcome the examiner's report, either by arguments or amendments. If the final outcome remains favorable to Enzymotec, as per the current initial report, no royalty payments will be paid by Enzymotec to Neptune in Australia.
According to the final settlement and license agreement that was signed with Neptune in April 2014, Enzymotec has a worldwide non-exclusive license to the entire 8,030,348 patent family for as long as any patent in that family exists, for all of the Company's relevant current products and future anticipated products under development.
Dr. Ariel Katz, Enzymotec's President and Chief Executive Officer, commented "We are very pleased with the Australian Patent Office's response regarding our request for a re-examination of Neptune's patent, which was issued earlier than expected. Australia remains a key growth market for us. Our efforts are focused on uncompromised standards of quality and innovation and providing our customers with leading krill oil products."
About Enzymotec Ltd.
Enzymotec is a leading global supplier of specialty lipid-based products and solutions. The Company develops, manufactures and markets innovative bio-active lipid ingredients, as well as final products, based on sophisticated processes and technologies. For more information, visit www.enzymotec.com
Forward Looking Statements
This release may contain forward-looking statements, which express the current beliefs and expectations of Company management. Such statements involve a number of known and unknown risks and uncertainties that could cause our future results, performance or achievements to differ significantly from the results, performance or achievements expressed or implied by such forward-looking statements. Important factors that could cause or contribute to such differences the following risks: we depend on third parties to obtain raw materials, in particular krill, necessary for the production of our products; a high proportion of the sales of the INFAT® product is sold to end users by a single company in China; we are subject to a degree of customer concentration and our customers do not enter into long-term purchase commitments with us; we may be required to pay royalties on sales of our krill products in North America and Australia; we have in the past, and may in the future, become subject to litigation regarding intellectual property rights or other matters; our offering of products as ''medical foods'' in the United States may be challenged by regulatory authorities; we rely on our Swedish joint venture partner to manufacture INFAT®, and have recently entered into an arbitration proceeding with our partner with respect to certain matters related to the joint agreement; we are dependent on a single facility that houses the majority of our operations; we may be impacted by delays in manufacturing as we expand our capacity; we may not be able to expand our production or processing capabilities or satisfy growing demand; our gross profits may be adversely affected if we are only able to obtain lower quality krill meal; our ability to obtain krill may be affected by conservation regulation or initiatives; our product development cycle is lengthy and uncertain, and our development or commercialization efforts for our products may be unsuccessful; we and our customers are subject to significant and increasing government regulations regarding the sale and marketing of our products and our customers' products incorporating our products; we may not be able to protect our proprietary technology or prevent its unauthorized use by third parties; and other factors discussed under the heading "Risk Factors" in the Company's Form 20-F filed with the Securities and Exchange Commission on February 13, 2014. Forward-looking statements in this release are made pursuant to the safe harbor provisions contained in the Private Securities Litigation Reform Act of 1995. These forward-looking statements are made only as of the date hereof, and the Company undertakes no obligation to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise.
CONTACT: KCSA Strategic Communications Jeffrey Goldberger / Tram Bui 212.896.1249 / 212.896.1290 ENZY@kcsa.com