Conformis Announces Settlement of Patent Dispute with Smith & Nephew
September 17 2018 - 8:00AM
Conformis, Inc. (NASDAQ:CFMS), a medical technology company
that uses its proprietary iFit Image-to-Implant technology platform
to develop, manufacture and sell joint replacement implants that
fit each patient's unique anatomy, announced today that it has
entered into a settlement and license agreement with Smith &
Nephew that resolves all patent disputes between Conformis and
Smith & Nephew.
Pursuant to the agreement, Smith & Nephew is required to pay
$10.5M to Conformis, and the parties have entered into a limited
patent cross-license.
“We are very pleased to announce the complete settlement of the
various patent proceedings we have with Smith & Nephew.
Through this settlement, we have once again monetized our
patient-specific instrument patents and steadfastly protected our
core business of patient-specific implants," stated Mark
Augusti, Conformis’ President and Chief Executive Officer.
About Conformis, Inc.
Conformis is a medical technology company that uses its
proprietary iFit Image-to-Implant technology platform to develop,
manufacture and sell joint replacement implants that are designed
and manufactured to fit and conform to each patient’s unique
anatomy. Conformis offers a broad line of patient conforming
total and partial knee systems and a hip system that include
sterilized single-use instruments delivered in a single package to
the hospital. Conformis owns or exclusively in-licenses
issued patents and pending patent applications that cover
patient-specific implants and instrumentation for all major
joints. In clinical studies, Conformis iTotal CR
demonstrated superior clinical outcomes, including better function
and greater patient satisfaction, compared to traditional,
off-the-shelf implants.
For more information, visit www.conformis.com. To receive
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at http://ir.conformis.com/.
Cautionary Statement Regarding Forward-Looking
Statements
Statements in this press release about our future expectations,
plans and prospects, including statements about the collection of
royalty payments and settlement of patent disputes, as well as
other statements containing the words "anticipate," "believe,"
"continue," "could," "estimate," "expect," "intend," "may,"
"might," "plan," "potential," "predict," "project," "should,"
"target," "will," or "would" and similar expressions, constitute
forward-looking statements within the meaning of the safe harbor
provisions of The Private Securities Litigation Reform Act of 1995.
You should not place undue reliance on our forward-looking
statements. Actual results could differ materially from the
expectations disclosed in the forward-looking statements we make as
a result of a variety of risks and uncertainties, including risks
and uncertainties described in the "Risk Factors" sections of our
public filings with the Securities and Exchange Commission. In
addition, the forward-looking statements included in this press
release represent our views as of the date hereof. We anticipate
that subsequent events and developments may cause our views to
change. However, while we may elect to update these forward-looking
statements at some point in the future, we specifically disclaim
any obligation to do so. These forward-looking statements should
not be relied upon as representing our views as of any date
subsequent to the date hereof.
CONTACT: Investor contact Oksana Bradley ir@conformis.com (781)
374-5598
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