ParkerVision Inc. (PRKR), the patent monetization company run by CEO Jeffrey Parker, said it received another $2 million in funding from Brickell Key Investments LP, bringing the total funding from the unit of Juridica Asset Management to $13 million.
Jacksonville, Florida-based ParkerVision said half of the funds will be restricted for use in specified future patent enforcement actions with the remainder available for general working capital purposes.
The company said it also agreed to exchange Brickell’s current warrant for the purchase of up to 250,000 shares of ParkerVision common stock at an exercise price of $3.50 for a new warrant for the purchase of up to 350,000 shares at $2. The new warrant is exercisable for a period of five years from the date of issuance and contains the same piggy-back registration rights and other terms as the exchanged warrant.
In February, when ParkerVision announced $10 million in funding from Brickell and Juridica, it
said the funds will be used primarily to pay ongoing legal fees and expenses incurred in connection with the complaint it filed in December with the U.S. International Trade Commission and the related U.S. District Court action.
ParkerVision is represented in these actions by the law firm of Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C. The company also has a contingency arrangement with McKool Smith.
The ITC complaint alleges that Apple Inc., LG Electronics, Samsung Electronics and Qualcomm Inc. have engaged in unfair trade practices by unlawfully importing into the U.S. and selling products that infringe four of ParkerVision’s U.S. patents.
The company also filed complaints against each of the proposed respondents in the U.S. District Court for the Middle District of Florida.
While the ITC may be able to institute injunctions against Apple and the other alleged infringers, it doesn’t have the power to award damages. ParkerVision is hoping that the threat of an injunction from the ITC may persuade the alleged infringers to reach licensing settlements.
The new strategy to seek injunctions from the ITC comes after ParkerVision has been rebuffed in infringement actions in the district courts. Last year, the Court of Appeals for the Federal Circuit let stand a district court’s ruling throwing out a $173 million award against Qualcomm.
The accused products in the ITC complaint include the Apple iPhone 6, the Apple iPad Air 2, the Samsung Galaxy S6, and the LG G3, among others. Many of the accused products include infringing technology manufactured by Qualcomm and incorporated by Apple, Samsung, and LG.
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