Cross Medical alleged in the first lawsuit that Alphatec Spine breached a 2003 license agreement between the two companies when Alphatec Spine failed to make royalty payments to Cross Medical. In the second suit, Alphatec Spine claimed Biomet subsidiary EBI infringed on a patent owned by Alphatec Spine.
Under the settlement agreement, all parties obtained a release of all claims that were the subject of the disputes. There was no admitted liability in connection with the settlement. An amendment to the 2003 License Agreement between Alphatec Spine and Cross Medical was made as part of the settlement.
However, the settlement does include a $5 million initial payment from Alphatec Spine to Cross Medical as well as 13 subsequent payments of $1 million each. The parties also exchanged covenants not to sue for patent infringement with respect to the products each company had on the market as of Dec. 30, 2011.
Related Articles on Spine Devices:
RSB Spine Reports 46% Sales Increase
Pioneer Surgical Technology Announces First Use of 3D Biologic Device for Spinal Surgery
26 Spine Devices Receive FDA 510(k) Clearance in December
Alphatec Spine Settles Two Patent Disputes, Will Pay $18MWritten by Laura Miller | January 06, 2012
Alphatec Spine has reached a settlement agreement for two pending lawsuits with Cross Medical and a Biomet subsidiary, according to an Alphatec Spine news release.
© Copyright ASC COMMUNICATIONS 2011. Interested in LINKING to or REPRINTING this content? View our policies here.