Conformis Inc: Up after settlement of patent dispute

ConforMIS

28/05/2020 18:03

** Medical device maker's shares  CFMS.O  rise 9.8% to $1.07
    ** Reaches settlement with Zimmer Biomet  ZBH.N  to resolve
patent dispute
    ** Says in regulatory filing that settlement requires ZBH to
pay a total of $9.6 mln [https://bit.ly/2TOjHNZ
]
    ** Both cos have dismissed all outstanding litigation tied
to their offerings, including knee and hip replacement products 
    ** Both have also cross-licensed their technologies
    ** Brokerage Cowen & Co says encouraged by CFMS's ability to
protect and monetize IP
    ** Adds that latest settlement comparable to patent dispute
resolution reached with SNN in Sept. 2018 when CFMS got $10.5
mln and both settlements validate strength of CFMS's IP 
    ** CFMS has been able to cut its quarterly cash burn to a
rate of ~$5 mln/qtr and additional $9.5 mln in non-dilutive
capital extends co's runway - Cowen
    ** Stock down ~29% YTD

 (Reporting by Mrinalika roy in Bengaluru)
 ((mrinalika.roy@thomsonreuters.com; within U.S. +1 646 223
8780, outside U.S. +91 806749 8325;))