Luna and Intuitive Surgical agree to buyout of medical shape-sensing technology
23 Dezembro 2015 - 11:35AM
Business Wire
Company buys out remainder of its contract with
Luna Innovations for $9 million
Luna Innovations Incorporated (NASDAQ: LUNA) today announced
that Intuitive Surgical, Inc. (NASDAQ: ISRG) has agreed to buy out
the remainder of the purchase consideration for its medical
shape-sensing technology for $9 million.
Intuitive Surgical acquired Luna’s fiber optic shape-sensing and
localization technology, including related patents in January,
2014. The terms of the original contract provided Luna with $12
million upfront, which was paid in 2014, an additional payment upon
the achievement of certain technical milestones, and a royalty on
certain sales of commercial systems.
“Although the technical milestone is still under development,
both companies agreed that it was in our mutual best interests to
settle the remaining obligations,” said My Chung, President and CEO
of Luna. “This arrangement allows Luna to accelerate the receipt of
cash, thereby strengthening our balance sheet while eliminating our
exposure to future development risks.”
About Luna
Luna Innovations Incorporated (www.lunainc.com) develops,
manufactures and markets fiber optic sensing, test and measurement
products and is focused on bringing new and innovative technology
solutions to measure, monitor, protect and improve critical
processes in the aerospace, automotive, energy, composite,
telecommunications and defense industries. Following its merger
with API, the company also packages optoelectronic semiconductors
into high speed optical receivers (HSOR products), custom
optoelectronic subsystems (Optosolutions products) and Terahertz
(THz) instrumentation. Luna is organized into two business
segments, which work closely together to turn ideas into products:
a Technology Development segment and a Products and Licensing
segment. Luna's business model is designed to accelerate the
process of bringing new and innovative technologies to market.
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version on businesswire.com: http://www.businesswire.com/news/home/20151223005316/en/
Luna Innovations IncorporatedDale Messick,
1-540-769-8400IR@lunainc.com
Luna Innovations (NASDAQ:LUNA)
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