Luna Announces Sale of Shape-Sensing Technology for Medical Applications
22 Janeiro 2014 - 12:00PM
Business Wire
Intuitive Surgical buys medical shape-sensing
technology in deal valued at up to $30 million;
Luna to retain shape-sensing technology for
non-medical industries
Luna Innovations Incorporated (NASDAQ:LUNA), which develops and
manufactures new-generation products for the telecommunications,
aerospace, automotive, energy and defense markets, today announced
the sale of its shape-sensing technology for medical applications
to Intuitive Surgical, Inc.
(NASDAQ:ISRG).
The terms of the deal include Luna receiving $12 million upfront
in two tranches and up to an additional $18 million upon certain
technical milestones and commercial measures. Intuitive will
acquire Luna’s fiber optic shape-sensing and localization
technology, including related patents, and hire a number of
engineering employees formerly utilized in Luna’s medical
shape-sensing business.
The sale will enable Luna to focus on the growth potential of
its fiber-optic sensing business while significantly strengthening
the company’s balance sheet. The sale contains provisions that
maintain Luna’s ability to service its existing agreements and for
the continued use and exploration of opportunities outside the
medical industry.
“Luna develops technological solutions to problems that others
cannot solve, and this is yet another successful example of how our
technology ultimately reaches the market, in this case with a
long-time development partner,” said Luna President and CEO My
Chung. “This sale is the culmination of the shape-sensing
development we’ve done over the past several years for potentially
integrating into Intuitive’s future products. One of the many
benefits of this agreement is the ability to monetize much of the
value of our innovations immediately – rather than waiting for
longer-term revenues from development and potential supply
agreements – while enabling us to streamline our focus on the
growth opportunities that we believe exist for our
strain/temperature sensing business, especially within the
automotive and aerospace markets.”
“We look forward to working with Luna on a smooth transition,”
said David Larkin, Intuitive’s Vice President of Engineering. “We
are excited about the team joining Intuitive and the possibilities
around this technology.”
With the sale, Luna will focus on growing its fiber optic
sensing technology, which improves manufacturing and testing of
composite and non-composite materials, structures and systems.
“With strain and temperature sensing now as our key focus, we’re
prepared to develop technological solutions for this growing market
with our proven technology,” Chung said. ”We also will continue to
sell our test and measurement products to the telecommunications
industry and develop a pipeline of technologies through contract
research.”
Mr. Chung and Dale Messick, Luna’s Chief Financial Officer will
host a conference call with investors on Thursday, January 23, 2014
at 9:00 a.m. (EST) to discuss the transaction. The conference call
will be available via live webcast on the Luna website at
www.lunainc.com under the tab “Investor Relations”. To participate
by telephone, the domestic dial-in number is 800.706.7745
and the international dial-in number is 617.614.3472. The
participant access code is 14875088. Investors are advised
to dial in at least five minutes prior to the call to register. The
webcast will be archived on the company’s website under “Webcasts
and Presentations” for 30 days following the conference call.
About Luna
Luna Innovations Incorporated (www.lunainc.com) is a public
company composed of scientists, engineers, and business
professionals developing and manufacturing a new generation of
technologies and products. It has been successful in taking
innovative technologies from applied research to product
development and ultimately to the commercial market, driving
breakthroughs in fields such as aerospace, automotive,
telecommunications, healthcare, energy, and defense.
About Intuitive
Intuitive Surgical, Inc. (NASDAQ:ISRG) is the global technology
leader in robotic-assisted minimally invasive surgery (MIS). The
Company's da Vinci® Surgical System offers surgeons superior
visualization, enhanced dexterity, greater precision and ergonomic
comfort for the optimal performance of MIS. The da Vinci System
enables surgeons to perform even complex procedures such as
open-heart surgery through 1-2 cm incisions.
Forward Looking Statements
This release includes information that constitutes
"forward-looking statements" made pursuant to the safe harbor
provision of the Private Securities Litigation Reform Act of 1995,
including statements regarding, but not limited to: Luna’s
potential future receipt of deferred and contingent payments,
including royalties, in connection with the transaction; Luna’s
focus on markets outside of the medical industry; the uniqueness of
Luna’s technology and intellectual property; potential for future
commercialization of its technologies; the competitive advantage
afforded by Luna’s technology; the potential efficacy of Luna’s
technology; growth potential of certain markets and potential
benefits of the incorporation of Luna’s shape-sensing technology in
robotic and non-robotic surgery and Intuitive’s ability to improve
the delivery of healthcare by virtue of the transaction. Statements
that describe the company's business strategy, goals, prospects,
opportunities, outlook, plans or intentions are also
forward-looking statements. Actual results may differ materially
from the expectations expressed in such forward-looking statements
as a result of various factors, including the ability of the
technology transferred to Intuitive to achieve certain technical
specifications that are required for triggering future payment
under the asset purchase agreement, Intuitive’s successful
development of surgical systems incorporating the Luna technology;
approval of such systems for marketing by the United States Food
and Drug Administration and similar foreign regulatory bodies;
market adoption of Intuitive surgical systems incorporating Luna
technology; uncertainties regarding the growth of the markets for
the company’s temperature and strain sensing technology outside of
the medical industry; technical and scientific difficulties; issues
that might arise in any particular business relationship; and risks
and uncertainties set forth in the company's periodic reports and
other filings with the Securities and Exchange Commission. Such
filings are available at the SEC's website at http://www.sec.gov,
and at the company's website at http://www.lunainc.com. The
statements made in this release are based on information available
to the company as of the date of this release and Luna undertakes
no obligation to update any of the forward-looking statements after
the date of this release.
Luna Innovations IncorporatedDale Messick,
1-540-769-8400IR@lunainc.com
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