CryoLife has agreed to pay CardioFocus $4.5 million in cash within 30 days
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CryoLife, Inc. (NYSE: CRY) announced June 14 that it has entered into a settlement agreement with CardioFocus, Inc. ending the outstanding patent dispute between CryoLife's wholly owned subsidiary, Cardiogenesis Corporation, and CardioFocus that was pending in the United States District Court of Massachusetts.
Under the terms of the settlement, CryoLife has agreed to pay CardioFocus $4.5 million in cash within 30 days. Both parties have agreed to dismiss with prejudice all claims and counter claims associated with the lawsuit.
Steven G. Anderson, Chairman, President and Chief Executive Officer of CryoLife, said, "We are pleased to have reached a resolution to this dispute and conclude all litigation with CardioFocus. In conjunction with our recent settlement with Medafor, from which we will receive $3.5 million, we have removed two outstanding legal issues and eliminated the ongoing financial and legal exposure associated with these lawsuits. Looking forward, we expect to continue to execute on our growth initiatives and benefit from improved cash flow and profitability due to reduced legal expenditures."