Lucira Health Terminates COVID-19 Test-Related Patent Agreement With Eiken Chemical

According to an SEC filing, Lucira Health Inc LHDX has terminated a Patent License with Eiken Chemical Co Ltd, effective May 12, 2022.
The Company terminated the agreement because certain Eiken Licensed Patents have expired, all of which are locations in which the Company operates.
According to the agreement announced in July 2020, Eiken granted Lucira Health a sublicensable, non-exclusive license under certain patents, relating, in part, to loop-mediated isothermal amplification for nucleic acid-based COVID-19 in-vitro diagnostic tests in the U.S.
Related: Lucira Health Shares Fall After Announcing Debt Facility Of $80M.
The Company also has limited have-made rights for the Eiken Licensed Patents.
Following termination of the agreement, the Company will not be required to make any future payments under the contract.
Price Action: LHDX shares closed 6.54% lower at $2.86 on Monday.