Trinity Biotech said yesterday that counterclaims filed by US group Xtrana in response to a lawsuit taken by Trinity Biotech were without merit.
Trinity filed in December seeking $1.2 million (€1.15 million) in damages and $3 million in punitive damages from Xtrana. The lawsuit alleged breach of contract by Xtrana in connection with the €6.25 million sale of its hemostasis division to Trinity in late 2001.
The Trinity suit centres on the allegation that Xtrana misrepresented the status of a single Xtrana product that was the subject of a publicly filed patent infringement lawsuit at the time of the sale.
"We have reviewed Xtrana's counterclaims and firmly believe they are without any merit whatsoever and are both mischievous and opportunistic," Trinity chief executive Mr Ronan O'Caoimh said.
"Xtrana acknowledges that Trinity has paid all amounts due and we therefore see no valid basis for alleging damages against Trinity."
However, Colorado-based Xtrana, which announced the countersuit last Friday, says the Trinity suit has caused it "significant damage" and is seeking $57 million in damages.
It noted that, though it had been successful in collecting the amounts currently due to it, the cost of defending the litigation, combined with the uncertainty of collections due from Trinity, had forced it to radically reduce the investment in its commercial products and those in development.
A Trinity spokesman said the suit was of "no great consequence to Trinity. It is business as usual as far as we are concerned."
