UPDATE 1-Align Tech shares zoom on OrthoClear settlement Thu Sep 28, 2006 9:40am ET Market View ALGN (Align Technology Inc ) Last: $12.04 Change: +4.24 (+54.36%) Revenue (ttm): $204.2M EPS: -0.13 Market Cap: $493.40M Time: 10:45am ET UPDATE 1-Align Tech shares zoom on OrthoClear settlement Align Tech agrees to settle pending litigation with OrthoClear Align Technology says court finds some patent claims invalid Sept 28 (Reuters) - Shares of Align Technology Inc. (ALGN.O: Quote, Profile, Research) rose about 70 percent on Thursday morning after the company said rival OrthoClear will transfer its patents on teeth alignment process to Align and stop treating new patients in the United States. The companies agreed on the terms as part of dispute settlements, Align said in a statement. Align will pay $10 million in cash to privately held OrthoClear under the agreement, the statement added. A formal agreement, to be signed on Oct. 12, will also see OrthoClear agreeing to an exclusion order by the International Trade Commission, prohibiting the import of its aligners into the United States. Align, which makes Invisalign -- a method of straightening teeth without wires and bracket -- said it will pay OrthoClear another $10 million if OrthoClear obtains shareholder approval to discontinue removable dental aligners worldwide by Oct. 12. Otherwise, Align said it will place $10 million in escrow for 30 days, at the end of which Align will have no further payment obligation if OrthoClear fails to get the approval. Align shares were up $5.35 at $13.15 in early morning trade on the Nasdaq. (Reporting by Ankur Relia in Bangalore)