CryoLife Announces Settlement of Patent Litigation with CardioFocus, Will Pay $4.5M

CryoLife CRY, a leading medical device company focused on cardiac and vascular surgery, announced today that it has entered into a settlement agreement with CardioFocus, Inc. ending the outstanding patent dispute between CryoLife's wholly owned subsidiary, Cardiogenesis Corporation (acquired by CryoLife in May 2011), and CardioFocus that was pending in the United States District Court of Massachusetts. Under the terms of the settlement, 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.