November 07, 2019
HUNTLEY, Ill.–(BUSINESS WIRE)–Life Spine, Inc. is pleased to announce today that it has entered into a settlement agreement with the U.S. government that successfully resolves all of the government’s claims. As part of the agreement, the Company will pay $5.5 million to the U.S. government which noted historical shortcomings in its compliance program. The Company has made significant progress formalizing and strengthening its compliance program, a process that began before any discussions with the government.
The government’s complaint made no claims questioning the quality, safety, or effectiveness of Life Spine products. The Company chose to settle the matter in order to focus on the future: developing new products and devices to enable doctors to better treat their patients.
Life Spine is a Research & Development driven company. Part of this process relies on surgeons who advise the company, a required industry practice. In accordance with industry guidelines and practice, no payments are tied to usership of Life Spine products. This collaboration has led to Life Spine being awarded more than 170 patents for medical devices and procedures. Life Spine looks forward to continuing to put patient needs first through innovation and surgeon collaboration.
For more information and to see the facts as agreed to, the settlement agreements are posted at: https://lifespine.com/facts/
About Life Spine:
Founded in 2004 and headquartered in Huntley, Illinois, Life Spine, a medical device company that designs, develops, manufactures and markets products for the surgical treatment of spinal disorders. Life Spine is focused on providing innovative solutions to address spinal pathology from the occiput to the sacrum. Our comprehensive product portfolio that centers around fusion and minimally invasive surgeries is driven by patient and surgeon needs. We are dedicated to improving the quality of life for patients by increasing procedural efficiency and efficacy through innovative design, uncompromising quality standards and the most technologically advanced manufacturing platforms. Learn more at https://lifespine.com.
Mr. Omar Faruqi
Chief Financial Officer