News: GI Dynamics settles litigation

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GI Dynamics (ASX:GID) says it has resolved its litigation that was brought on by one of its suppliers, who claimed it was part owner of GI Dynamics patents and applications.



Under the terms of the settlement, GI Dynamics will retain exclusive ownership and control of its patent portfolio.



Both parties have dismissed all claims against each other.



The medical device maker has recently collaborated with laxoSmithKline (NYSE:GSK) and Med-tronic (NYSE:MDT) to research treatments for type 2 diabetes and obesity.



GI Dynamics booked a net loss of $10.9 million in the first half of the 2012 financial year.