BioSpace Collaborative

Academic/Biomedical Research
News & Jobs
Biotechnology and Pharmaceutical Channel Medical Device and Diagnostics Channel Clinical Research Channel BioSpace Collaborative    Job Seekers:  Register | Login          Employers:  Register | Login  

NEWSLETTERS
Free Newsletters
Archive
My Subscriptions

NEWS
News by Subject
News by Disease
News by Date
PLoS
Search News
Post Your News
JoVE

CAREER NETWORK
Job Seeker Login
Most Recent Jobs
Search Jobs
Post Resume
Career Fairs
Career Resources
For Employers

HOTBEDS
Regional News
US & Canada
  Biotech Bay
  Biotech Beach
  Genetown
  Pharm Country
  BioCapital
  BioMidwest
  Bio NC
  BioForest
  Southern Pharm
  BioCanada East
  C2C Services & Suppliers™
Europe
Asia

DIVERSITY

PROFILES
Company Profiles

INTELLIGENCE
Research Store

INDUSTRY EVENTS
Research Events
Post an Event
RESOURCES
Real Estate
Business Opportunities

 News | News By Subject | News by Disease News By Date | Search News
Get Our Industry eNewsletter FREE email:    
   

CryoLife, Inc. (CRY) Settles Suits With Medafor, Inc. and CardioFocus Inc.


6/15/2012 8:01:37 AM

CryoLife Inc. has settled lawsuits with Medafor Inc. and CardioFocus Inc.

In the Medafor case, the company will pay Kennesaw, Ga.-based CryoLife (NYSE: CRY) $3.5 million in cash. Half is due on or before July 9, 2012 and the other half on or before Sept. 6, 2012.

Also, CryoLife no longer has to pay Medafor $1.17 million for previous purchases of inventory.

Both parties dismissed with prejudice all claims and counter claims associated with the lawsuit over distribution agreements.

CryoLife will continue to own about 2.4 million shares of Medafor common stock, or about 9.2 percent of Medafor’s total outstanding shares. CryoLife believes that it remains Minneapolis-based Medafor’s largest shareholder.

In the second settlement, CryoLife will pay Marlborough, Mass.-based CardioFocus $4.5 million in cash within 30 days to end a patent dispute between CryoLife subsidiary Cardiogenesis Corp.

Both parties agreed to dismiss with prejudice all claims and counter claims associated with the lawsuit.

The settlements will trim the company’s legal expenses, which have hampered its bottom line. In the first quarter, litigation expenses dragged CryoLife’s profit down 42 percent to $991,000.




   

ADD TO DEL.ICIO.US    ADD TO DIGG    ADD TO FURL    ADD TO STUMBLEUPON    ADD TO TECHNORATI FAVORITES
 

//-->