Us synthetic considering challenge to patent ruling but expects it to have limited impact on financial results
The woodlands, texas, oct. 05, 2022 (globe newswire) -- us synthetic corporation, a subsidiary of championx corporation (“championx” or the “company”) (nasdaq: chx), announced today that it is considering options, including a possible appeal, in response to a u.s. international trade commission (itc) final determination that the claims of u.s. patent no. 10,507,565 (“the '565 patent”), u.s. patent no. 10,508,502 (“the '502 patent”), and u.s. patent no. 8,616,306 (“the '306 patent”) “are directed to an abstract idea, and, thus, are patent ineligible”. the company believes that this determination is based on an inaccurate interpretation of intellectual property law. in addition, this is the only case of which we are aware holding that the claimed properties of a manmade material are patent ineligible as being an “abstract idea”. accordingly, while us synthetic expects limited impact on its commercial operations or financial results as a result of yesterday's decision, we believe this itc determination is unprecedented and improper according to current federal circuit case law and intellectual property statutes. us synthetic business results are reported under the drilling technologies segment of championx. us synthetic estimates the potential annual impact to its revenues from this ruling to be less than 3% of drilling technologies revenues.
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