Luna receives second payment of $6 million from Intuitive Surgical
24 Abril 2014 - 10:05AM
Business Wire
Second tranche released in accordance with
agreement struck earlier this year
Luna Innovations Incorporated (NASDAQ: LUNA), which develops and
manufactures new-generation products for the telecommunications,
aerospace, automotive, energy, and defense markets, today announced
that it has received the second payment of $6 million as originally
agreed upon with Intuitive Surgical, Inc.
The payment is related to the sale of Luna’s shape-sensing
technology for medical applications that was executed with
Intuitive in January of this year. In accordance with the terms of
the deal, Luna has now received a total of $12 million from
Intuitive and may receive up to an additional $18 million in the
future upon the achievement of certain technical milestones and
commercial measures.
The sale, which may generate proceeds of up to $30 million, has
enabled Luna to focus on the growth potential of its fiber-optic
sensing business, specifically toward serving the strain &
temperature sensing industries through its ODiSI product line.
“Completing the transaction with Intuitive provided two key
benefits for us,” said Luna President and CEO My Chung. “First, it
gave us the opportunity to monetize the shape-sensing technology in
the medical area on an accelerated pace, having received $12
million in the first half of the year. Second, it has allowed us to
concentrate our focus and devote the necessary resources to drive
the increased adoption of our solutions for fiber optic sensing of
strain and temperature. We have targeted a portion of the proceeds
to further expand our sales force, enhance our marketing efforts
and continue to improve the functionality of our ODiSI
platform.”
With strain and temperature sensing now as its key focus, Luna
will continue to develop technological solutions for a growing
market. Its core team of engineers is driving technological
improvements as Luna continues to focus on marketing the ODiSI
platform in automotive, aerospace and energy applications.
Additionally, Luna will continue to sell its test and
measurement products to the telecommunications industry, as well as
develop an ongoing pipeline of technologies through its contract
research division.
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.
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 in
connection with the transaction with Intuitive; 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
Luna Innovations (NASDAQ:LUNA)
Gráfico Histórico do Ativo
De Jun 2024 até Jul 2024
Luna Innovations (NASDAQ:LUNA)
Gráfico Histórico do Ativo
De Jul 2023 até Jul 2024