In a filing with the regulatory, CryoLife, Inc. (CRY) disclosed that, on December 2, 2009, Medafor informed of its belief about company's material breach of duties and obligations under exclusive distribution agreement related to Hemostase, an absorbable blood clotting agent.
CryoLife said Medafor gave notice of its intent to terminate the agreement, if the breach is not cured by January 8, 2010. Medafor claims that a material breach has occurred because CryoLife has pursued sales in Spain with respect to certain uses that are excluded from the agreement.
CryoLife said it does not believe the agreement, which has a three-year term from its effective date of May 1, 2008, will terminate on January 8, 2010.
Third quarter revenues from HemoStase product for CryoLife was $1.56 million, constituting 6% of total revenues for the quarter.
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June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.