Conformis (NSDQ:CFMS) announced today that it settled with Stryker (NYSE:SYK) to resolve patent litigation involving Wright Medical.
Billerica, Mass.based Conformis said in a news release and SEC filing that Stryker — which acquired Wright Medical in November 2020 — will make a one-time $15 million payment to Conformis. Stryker in return will receive a non-exclusive license with respect to certain Conformis patients.
On April 24, 2020, Conformis filed a lawsuit against Wright in the U.S. District Court for the District of Delaware, alleging in an amended complaint that Wright had multiple patient-specific shoulder instruments and related implant components that infringed certain Conformis patents.
“We are pleased to have resolved all of the ongoing patent litigation related to the Wright Medical dispute,” Conformis president & CEO Mark Augusti said in the release. “The settlement once again highlights the strength and value of our intellectual property, as well as our steadfast commitment to protecting and enforcing it.”
Conformis also announced in today’s SEC filing that the U.S. Small Business Administration has decided to forgive the $4.7 million Paycheck Protection Program loan that the company received through East West Bank.
