Medical technology company Advanced Surgical Design and Manufacture (ASDM) has sold the intellectual property surrounding its Active Unicompartmental Knee replacement to global marketing partner Stryker of the United States.
The deal involves Stryker ending its marketing contract with ASDM two years earlier than expected and paying out the agreement in full.
”It made sound business sense to strike a deal with Stryker, and the final payment in excess of $1 million (over $3 million received in total over 3 years) will provide an invaluable injection of funds to be used for on-going R & D at our Sydney manufacturing plant in St Leonards,” said chief executive Greg Roger.
Dr Roger said since the contract was first forged Stryker had sold roughly 400 of its knee replacements a year.
