SOUTH SAN FRANCISCO, Calif.--(BUSINESS WIRE)--TerraVia Holdings, Inc. (NASDAQ:TVIA) a food, nutrition and specialty ingredients company announced December 20, 2016 that the U.S. Court of Appeals for the Third Circuit issued a decision today in the appeal by Roquette Frères, S.A. (“Roquette”) of an arbitration award connected with the Solazyme Roquette Nutritionals, L.L.C. (“SRN”) joint venture.
The appeals court affirmed, without modification, the original arbitration award, which ordered the assignment to TerraVia of:
- All SRN patent applications.
- All SRN “know-how” related to high lipid algae flour and high protein algae powder.
- All Roquette patent applications filed since November 2010 relating to microalgal food and food ingredients, as well as methods for making and using them.
In addition, the original arbitration award ordered Roquette to pay to TerraVia $2.3 million in legal costs and fees.
“The court’s decision confirms that the valuable intellectual property and know-how associated with our whole algal flour and whole algal protein ingredients belong to TerraVia,” said TerraVia CEO Apu Mody.
TerraVia is a plant based food, nutrition and specialty ingredients company that harnesses the power of algae, the mother of all plants and earth’s original superfood. With a portfolio of breakthrough ingredients and manufacturing, the Company is well positioned to help meet the growing need of consumer packaged goods and established and emerging food manufacturers to improve the nutritional profile of foods without sacrificing taste, and to develop select consumer brands. The Company also manufactures a range of specialty personal care ingredients for key strategic partners. Headquartered in South San Francisco, the Company's mission is to create products that are truly better for people and better for the planet. For additional information, please visit TerraVia's website at www.terravia.com.