Posted on 11/05/2009 in Medical Company Financials Medtronic has said it will focus on the development of new cardiovascular products after resolving royalty disputes with Johnson & Johnson.
These centred on Medtronic's licensed use of Pinchuk, Schatz and Palmaz, for which royalty claims have now been settled for $270 million (178.54 million pounds).
Now these have been concluded, the payment will be regarded as a one-time charge in the company's fiscal statements - and it finishes current and potential disputes under the 1997 settlement and license agreement.
"Resolving these disputes allows us to focus our resources on the development of new products that will improve the quality of care for people with cardiovascular disease," remarked Medtronic's cardiovascular business and senior vice-president Scott Ward.
In related news, the company has successfully implanted a Cardioblate Closure Left Atrial Appendage Occlusion Device as part of a clinical trial.
The investigation is being undertaken in five locations and aims to evaluate occlusion of the left atrial appendage with this product.
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