Cytomedix Says Settles Patent Dispute With Medtronic
Cytomedix, Inc. (OTC BB:CYME.OB – News) today announced that Medtronic, Inc. (NYSE:MDT – News) has agreed to settle a patent dispute and has been granted a license for its key ‘Knighton’ patent (US Patent No. 5,165,938 and corresponding patents in other countries) for all applications of its autologous platelet releasate therapy.
The company indicated that it expects to receive significant revenues over the life of the patent as a result of this licensing agreement. This agreement represents settlement of a suit that Cytomedix had filed against Medtronic, which will now be dismissed.
Dr. Kshitij Mohan, chief executive officer of Cytomedix said, “This settlement represents another important milestone in Cytomedix’s evolution. This licensing agreement is an important part of the company’s strategy to share its technology with partners who can expand the market for platelet-gel therapy in a variety of clinical applications. We believe that by sharing our technology under licensing arrangements, we can facilitate new studies and clinical trials, and broaden use to address critical clinical needs that are currently not fully met.”
He added that Cytomedix is continuing to conduct its own multi-center, prospective, randomized, blinded and controlled clinical trial on diabetic foot ulcers utilizing its autologous platelet releasate therapy. “At the same time, we will continue to seek opportunities to negotiate agreements with other medical device manufacturers and health care organizations that are interested in licensing our technology,” Mohan said,
“Cytomedix will also continue to defend its patents in the courts if needed, supported by a team of well-respected attorneys from several leading law firms who are working with us on a contingency-fee basis,” Mohan added.
