Sientra Announces Settlement Of Lawsuit
Published: Aug 01, 2017
SANTA BARBARA, Calif., Aug. 01, 2017 (GLOBE NEWSWIRE) -- Sientra, Inc. (NASDAQ:SIEN), a medical aesthetics company, announced today that it has entered into a comprehensive settlement agreement regarding mutual IP ownership and contract disputes with its former breast implant contract manufacturer, Silimed-Indústria de Implantes Ltda. (“Silimed”). The settlement resolves all claims that the parties filed against each other, and clears the path for Sientra to execute on its going-forward plans, unencumbered and undistracted by these disputes. Details of the settlement can be found in the form 8K filed today with the Securities and Exchange Commission by the Company.
Jeffrey M. Nugent, Chairman and Chief Executive Officer of Sientra, said, “We are pleased to enter this settlement agreement, which ends the disputes between the two companies. We view the settlement as an attractive conclusion for Sientra, with a net positive impact on our strategic plans. Our actual expense and cash outlay is significantly lower when accounting for the savings from ongoing legal costs associated with taking both the litigation and arbitration lawsuits through to trial. We look forward to moving our business forward without the distraction of these issues and focus on the many strategic opportunities in front of us.”
Headquartered in Santa Barbara, California, Sientra is a medical aesthetics company committed to making a difference in patients’ lives by enhancing their body image, growing their self-esteem and restoring their confidence. The Company was founded to provide greater choice to board-certified plastic surgeons and patients in need of medical aesthetics products. The Company has developed a broad portfolio of products with technologically differentiated characteristics, supported by independent laboratory testing and strong clinical trial outcomes. The Company sells its breast implants and breast tissue expanders exclusively to board-certified and board-admissible plastic surgeons and tailors its customer service offerings to their specific needs. The Company also offers a range of other aesthetic and specialty products including BIOCORNEUM®, the professional choice in scar management, and miraDry, the only FDA cleared device to reduce underarm sweat, odor and permanently reduce hair of all colors.
Forward- looking statements
This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements include, but are not limited to, statements related to Sientra’s strategy, plans, objectives, expectations (financial or otherwise) and intentions, future financial results and growth potential, projections regarding the lawsuit with Silimed and other statements that are not historical facts. These forward-looking statements are based on management’s current assumptions and expectations and inherently involve significant risks and uncertainties. Additional factors that could cause actual results and the timing of events to differ materially from those contemplated in this press release can be found in the Risk Factors section of Sientra’s most recently filed Quarterly Report on Form 10-Q and and its Annual Report on Form 10-K for the year ended December 31, 2016. The words ‘‘believe,’’ ‘‘may,’’ ‘‘might,’’ ‘‘could,’’ ‘‘will,’’ ‘‘aim,’’ ‘‘estimate,’’ ‘‘continue,’’ ‘‘anticipate,’’ ‘‘intend,’’ ‘‘expect,’’ ‘‘plan,’’ or the negative of those terms, and similar expressions that convey uncertainty of future events or outcomes are intended to identify estimates, projections and other forward-looking statements. Estimates, projections and other forward-looking statements speak only as of the date they were made, and, except to the extent required by law, Sientra undertakes no obligation to update or review any estimate, projection or forward-looking statement.
Investor Contacts: Patrick F. Williams Sientra, Chief Financial Officer (619) 675-1047 firstname.lastname@example.org Zack Kubow / Brian Johnston The Ruth Group (646) 536-7020 / (646) 536-7028 email@example.com