REGENXBIO wins unanimous award of over $33 million issued against former licensee in AAA arbitration
Clients REGENXBIO Inc.
Jones Day, on behalf of REGENXBIO Inc., secured a unanimous award of over $33 million issued by a three-member AAA panel in a multi-day arbitration against REGENXBIO's licensee Abeona Therapeutics Inc. This matter arose in 2020, when Abeona filed a surprise arbitration claiming $59 million in damages and $13 million in restitution based on REGENXBIO's alleged failure to provide advance notice of filing an application for Patent Term Extension on one of several patents and applications that REGENXBIO licensed to Abeona. The licensed patents relate to viral vectors for use in medical treatments. REGENXBIO counterclaimed for $28 million in unpaid milestone license payments and contract interest. The arbitration proceeded with a compressed schedule for fact and expert discovery, leading to a remote trial in March 2021. The AAA panel denied all of Abeona's claims and awarded REGENXBIO the full amount sought.
In the Matter of the Application of REGENXBIO Inc. v. Abeona Therapeutics Inc., Sup. Ct. of the State of NY, Index No. 654413/2021