Evident Technologies Declares Bankruptcy
The patent litigation referred to was brought by Invitrogen last year (see IBO 7/15/08). In its filing, Evident lists total assets of $3.9 million and total debts of $4.8 million. The company stated it was unable to refinance a June maturity date on $3.5 million in security financing.
Tory, NY 6/6/09—Evident Technologies, a maker of quantum dots, has filed for Chapter 11 reorganization, seeking a $1.35 million debtor in financing package. “Defending a lawsuit in the Eastern District of Texas for patent infringement required us to spend at an unsustainable rate,” said Clinton Ballinger, CEO of Evident Technologies. “The restructuring plan associated with the chapter 11 allows us to protect our business and operate the company going forward. We have reached an agreement with our secured creditors already and our customers and employees should see minimal impact.” Evident continues to operate under current management and has developed a plan with major creditors that allows for continued operations.
