CryoLife Agrees To Settle Patent Lawsuit With CardioFocus - Quick Facts

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6/14/2012 5:25 PM ET

Medical devices company CryoLife Inc. (CRY: Quote) said Thursday it has entered into a settlement agreement with CardioFocus Inc.. The company said the agreement thereby brings to an end the outstanding patent dispute between its unit Cardiogenesis Corp. and CardioFocus pending in the U.S. District Court of Massachusetts.

As per the settlement terms, CryoLife has agreed to pay CardioFocus $4.5 million in cash within 30 days. Both parties have agreed to dismiss with prejudice all claims and counter claims associated with the lawsuit.

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