Microsoft To Pay $23 Mln To VirnetX To Settle Patent Dispute, Expand License

(RTTNews) - VirnetX Holding Corp. (VHC) and Microsoft Corp. (MSFT) said Friday that VirnetX, Inc. and Microsoft have signed an amended settlement and license agreement, under which Microsoft will pay $23 million to VirnetX to settle the patent dispute and expand Microsoft's license.

The new agreement amends and restates certain terms of the original settlement and license agreement, dated May 14, 2010, between VirnetX, Inc. and Microsoft. As a result of the agreement, the parties have settled their pending patent disputes.

The parties have also agreed to dismiss the patent infringement case brought by VirnetX, Inc. before the U.S. District Court for the Eastern District of Texas and jointly move to terminate the pending inter partes review proceedings between Microsoft and VirnetX, Inc. as to Microsoft.

All other aspects of the agreement were not disclosed.

VirnetX shares are currently trading at $5.54, up 65 cents or 13.29%, while Microsoft shares are currently trading at $47.87, up 35 cents.