Confirmis Settles Patent Dispute With Smith & Nephew; To Receive $10.5 Mln

(RTTNews) - Medical technology company Conformis, Inc. (CFMS) said it has entered into a settlement and license agreement with Smith & Nephew (SNN, SN.L) that resolves all patent disputes between the companies.

Pursuant to the agreement, Smith & Nephew is required to pay $10.5 million 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," said Mark Augusti, Conformis' President and Chief Executive Officer.