Medical device giant Medtronic (NYSE:MDT) notched a couple new agreements, signing away a patent dispute and extending an active partnership.
Medtronic granted Lombard Medical Technologies (LON:LMT) a non-exclusive licenses to the "Jervis" technology, a patent that was the source of a dispute between the companies.
Lombard agreed to formally withdraw its challenge to the Jervis patent, titled "Medical devices incorporating SIM alloy elements," but the companies didn’t disclose any other details of the agreement.
"Medical devices which are currently proposed to use elements made from shape memory alloys may be improved by the use of stress-induced martensite alloy elements instead," according to the patent abstract. "The use of stress-induced martensite decreases the temperature sensitivity of the devices, thereby making them easier to install and/or remove."
Medtronic also signed a new agreement with RTI Surgical (NSDQ:RTIX) extending a deal that gives RTI license to "process allograft implants for use in spinal surgeries." The initial term of the agreement runs through the end of 2017 with optional 5 year extensions that would get the deal through 2027.
"We have had a long relationship with Medtronic from the earliest days of our company, and we look forward to working together to deliver safe, high quality allograft implants for use in spinal surgeries for many years to come," RTI president & CEO Brian Hutchison said in prepared remarks.
