New Manufacturing Relationship Pending
ROSELAND, N.J., Dec. 10, 2019 /PRNewswire/ -- Novel Drug Solutions, LLC and Eye Care Northwest, PA, announce the return of their unrestricted patent rights to several awarded and pending USA and international patents previously controlled by Harrow Health, Inc. (NASDAQ: HROW formerly known as Imprimis Pharmaceuticals, Inc.).
Novel/Eye Care Northwest's intellectual property, which reduces swelling and prevents infection in connection with ophthalmological surgical procedures, is now being offered to new manufacturing and marketing partners.
Novel/Eye Care Northwest had served Harrow Health with a Termination and Cease and Desist Notice on May 29th, triggering a contractual obligation for Harrow Health to return all of the intellectual property that had been previously conveyed to it. The return of the Assets is a partial resolution of on-going litigation. The initial suit, pending in United States District Court in Delaware, charged that despite Harrow's products generating more than $70M in sales, Novel/Eye Care Northwest did not receive payments as required under the 2013 Agreement. When the five year anniversary of the Agreement occurred, Novel/Eye Care Northwest terminated the Agreement, demanded the return of its intellectual property, and sought to disgorge all profits from the sale of products utilizing the assets and technology since the date of termination.
Harrow continues to market DropLess™ and LessDrops™ which were developed through the utilization of the Novel's and Eye Care Northwest's assets and intellectual property. Harrow's failure to realize certain Benchmarks under the parties' 2013 Agreement within five years, including achieving patent status, mandated the return of the intellectual property under express language in the Agreement, which was written by Harrow itself.
"It is unfortunate that Harrow Health elected to ignore its obligation to our clients Novel Drug Solutions, LLC and Eye Care Northwest, PA, whose principals worked tirelessly to develop highly proprietary and beneficial medications without receiving any payment," says Novel/Eye Care Northwest's attorney Charles X. Gormally of Brach Eichler LLC of Roseland, New Jersey. "Harrow Health is a sophisticated publicly traded company that continues to defy an agreement that it drafted regarding the assets and technology of Novel Drug Solutions, LLC and Eye Care Northwest, PA. It is skirting its obligation to promptly return remaining intellectual property, including remaining patent applications plus all trademarks, registrations and web domains.
Harrow Health continues production and sale of products derived from its Agreement with Novel/Eye Care and ultimately will be forced to disgorge any profit derived from this activity.
"Harrow Health's obligation to return all of the assets and intellectual property that was conveyed to them, and which they have been exploiting in the marketplace, is crystal clear. Instead of acknowledging its failure to perform under its agreement and respect Novel/Eye Care Northwest's contribution to these highly important medical products, Harrow's continued misuse of intellectual property disrupts ophthalmic clinicians' access to these powerful therapeutic products both in USA and in foreign markets."
The pending action is NOVEL DRUG SOLUTIONS, LLC, and EYE CARE NORTHWEST, PA, vs. HARROW HEALTH CA No 1:18-cv-00539-MN
SOURCE NOVEL DRUG SOLUTIONS