SAN DIEGO--(BUSINESS WIRE)--KFx Medical, LLC announced that it has entered into a license agreement with Wright Medical Technology, Inc. (NASDAQ:WMGI) relating to KFx patents used in knotless double row rotator cuff repair.
Under the agreement, Wright and its affiliates will have the right to promote the use of products and techniques for knotless double row rotator cuff repair as claimed in US Patent number 7,585,311 and related patents and applications for the life of those patents. In addition, KFx and Wright agreed to dismiss the related pending litigation between the parties.
Arthrex, Inc. has paid in excess of $35m in damages and interest for its infringement of KFx’s Knotless Double Row Fixation method as described in KFx’s U.S. Patent No. 7,585,311.
Terms of the licensing agreement were not disclosed.
“We are proud to have our innovation recognized by Wright. Previously we announced our licensing agreements with Smith & Nephew, Inc. (NYSE:SNN), Mitek, a Johnson & Johnson Company (NYSE:JNJ), and ConMed (NASDAQ:CNMD) for the same patents. I am pleased with the licensing arrangement with these four world leaders and knowing KFx’s valuable double row knotless rotator cuff technology will reach even more patients,” indicated Tate Scott, President and Chief Executive Officer.
About KFx Medical, LLC
KFx Medical LLC was founded in 2003 to develop products for tissue fixation in a variety of orthopedic surgical procedures performed on the shoulder, knee, foot, and ankle. KFx provides simple systems for orthopedic surgeons focused on sports medicine. The company is privately held. Investors include Alloy Ventures, Charter Life Sciences, Arboretum Ventures, Montreux Equity Partners, and MB Venture Partners.