Singapore-listed cord blood bank Cordlife Group said on Monday it has reached an "amicable settlement" with competitor Cryoviva Singapore over a lawsuit Cordlife filed against Cryoviva last week.
Cordlife had filed a suit in Singapore's High Court against Cryoviva for allegedly passing off and infringing Cordlife's registered trademarks and copyrights.
Cordlife also filed an application to seek an injunction to, among other things, restrain Cryoviva from continual infringement of Cordlife's intellectual property rights.
In response, Cryoviva agreed to pay Cordlife damages for trade mark and copyright infringement relating to Cryoviva's trial and actual websites.
Cordlife said the extent of the infringement of Cordlife's trade marks and copyright and the quantum of damages to be paid by Cryoviva is to be decided by the court if not agreed by the two companies.
Cordlife said in its statement that it "does not wish to be associated with a company new to Singapore and with no track record here". Cryoviva was incorporated in July 2013.
"Over the years, we have built up our reputation and earned the trust of parents to store their babies' precious cord blood with us," said Mr Jeremy Yee, executive director and chief executive officer of Cordlife.
"As such, it is imperative to ensure that our clients' trust in us is maintained and not misrepresented by other parties."
Cordlife said it discovered on or around Jan 14 that Cryoviva had used Cordlife's proprietary information and intellectual property on two of Cryoviva's websites without Cordlife's knowledge and consent.
Cryoviva later took down both of those websites after Cordlife sent it a letter demanding that Cryoviva stop operating them.
Cordlife shares were flat at $1.205 as at 10.30am on Monday.