Surgical Innovations Group PLC
13 April 2004
Surgical Innovations Group plc
Agreement
13 April 2004
Surgical Innovations Group plc ('SI') is pleased to announce that it has entered
into a cross-licensing agreement with Applied Medical Resources, ('Applied'), a
leading US medical device manufacturer with an extensive product line in
laparoscopic abdominal access systems.
Under the terms of the agreement, SI will retain the manufacturing, marketing
and distribution rights to the single-use port access system, Variglide, for up
to three years; thereafter, Applied will be granted worldwide manufacturing and
distribution rights in return for royalty payments. In addition, SI will be
provided with an indefinite licence for the reusable port access system,
YelloPort, currently its most successful worldwide product.
Entering into this agreement removes any potential concerns for SI regarding the
patent position of both systems and gives SI unlimited access into the USA for
the YelloPort device.
In addition, SI and Applied have agreed to co-operate more closely to explore
future opportunities that may lead to mutually beneficial product development
projects.
Doug Liversidge, Chairman, said 'We are delighted with the friendly discussions
that have taken place with Applied which have prevented future patent
infringement issues for SI but, more importantly, have created a long term
relationship with Applied in the area of joint product development.'
Further Information:
Surgical Innovations Group
D. Liversidge, Chairman Tel: +44 (0) 7798 892918
G. Bowland, Finance Director Tel: +44 (0) 113 230 7597
C. Glass, Non-executive Director Tel: +44 (0) 7831 258494
Westhouse Securities LLP
Philip Johnson Tel: +44 (0) 161 838 9140
This information is provided by RNS
The company news service from the London Stock Exchange