The settlement provides for a cross license of the Hathaway patents, licensed to Abbott by Indiana University, and the Sutura Nobles patents. In addition, Abbott has agreed to pay Sutura $23 million as part of the settlement agreement.
David Teckman, president and CEO of Sutura, said: “We now look forward to moving on with our continued enhancement of Sutura’s product line of vascular suturing devices, in particular the Sutura EL device.”