ST. LOUIS and SAO PAULO, Feb. 21, 2013 /PRNewswire/ -- Monsanto Company (NYSE: MON) said it plans to file an immediate appeal of a recent ruling by a single judge of the Brazilian Superior Court of Justice, relating to the company's request for term correction of a patent covering its Roundup Ready® soybean product. The company will move forward with the next phase of the appeals process to secure its intellectual property rights and ensure its business is not disrupted in the country.
Monsanto has previously obtained patent protection in Brazil for its first-generation Roundup Ready soybean products. In accordance with Brazilian law, Monsanto has sought to correct the term of its patent rights in Brazil to conform to the 2014 patent term granted in the United States.
This ruling represents one intermediate step in the ongoing legal process within the country. Monsanto will seek review of that decision by a full panel of judges of the Superior Court of Justice. Additionally, Monsanto has previously filed an appropriate appeal which has been admitted to be heard by the Supreme Court of Brazil. The Supreme Court ultimately will hear and decide the patent term correction.
"We plan to file an immediate appeal with the Superior Court of Justice and look forward ultimately to presenting our case to the Supreme Court of Brazil at a later date," said Todd Rands, Monsanto's Legal Director for Latin America.
Monsanto, similar to other companies, holds intellectual property rights on its inventions. This approach has played an important role in fostering new investments in Brazilian agriculture production.
The company also said it remains committed to ongoing dialogue with farmers and their representative groups in order to pave the way for innovation in agriculture, as this is one of the critical paths towards delivering value to Brazil's farmers and its economy and meeting the demands of our growing planet.
About Monsanto Company
Monsanto Company is a leading global provider of technology-based solutions and agricultural products that improve farm productivity and food quality. Monsanto remains focused on enabling both small-holder and large-scale farmers to produce more from their land while conserving more of our world's natural resources such as water and energy. To learn more about our business and our commitments, please visit: www.monsanto.com. Follow our business on Twitter® at www.twitter.com/MonsantoCo, on the company blog, Beyond the Rows at www.monsantoblog.com, or subscribe to our News Release RSS Feed.
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Certain statements contained in this release are "forward-looking statements," such as statements concerning the company's anticipated financial results, current and future product performance, regulatory approvals, business and financial plans and other non-historical facts. These statements are based on current expectations and currently available information. However, since these statements are based on factors that involve risks and uncertainties, the company's actual performance and results may differ materially from those described or implied by such forward-looking statements. Factors that could cause or contribute to such differences include, among others: continued competition in seeds, traits and agricultural chemicals; the company's exposure to various contingencies, including those related to intellectual property protection, regulatory compliance and the speed with which approvals are received, and public acceptance of biotechnology products; the success of the company's research and development activities; the outcomes of major lawsuits and the previously-announced SEC investigation; the previously reported material weakness in our internal controls over financial reporting; developments related to foreign currencies and economies; successful operation of recent acquisitions; fluctuations in commodity prices; compliance with regulations affecting our manufacturing; the accuracy of the company's estimates related to distribution inventory levels; the company's ability to fund its short-term financing needs and to obtain payment for the products that it sells; the effect of weather conditions, natural disasters and accidents on the agriculture business or the company's facilities; and other risks and factors detailed in the company's most recent Form 10-K Report to the SEC. Undue reliance should not be placed on these forward-looking statements, which are current only as of the date of this release. The company disclaims any current intention or obligation to update any forward-looking statements or any of the factors that may affect actual results.
Contact | Lee Quarles 314-406-5739
SOURCE Monsanto Company