Nanoco Group PLC (LSE:NANO), a developer and maker of nanomaterials for use in commercial applications, said it had overcome the first of two major hurdles in its litigation against Samsung Electronics (KRX:005930), lifting the company’s shares as much as 57%.
The US Patent Trial and Appeal Board (PTAB) ruled in favour of Nanoco in all 47 claims in the five patents under review as part of the litigation against Samsung over the alleged wilful infringement of the group's intellectual property, it said.
"The strength of Nanoco's case has been amply demonstrated by the PTAB finding in favour of every single one of the 47 claims under the five patents,” said Nanoco chief executive Brian Tenner. “The question of the validity of our intellectual property has now been very clearly resolved in favour of Nanoco.”
"As a result, the trial can now focus on the issue of Samsung's alleged wilful infringement and the appropriate level of damages.”
Shares in Nanoco rose as high as 41.9 pence, a gain of 57%, and were up 49% at 39.6p in mid-morning trading.