After $36 Million Jury Verdict and Contentious Battle, Former Adversaries Hansen Medical and Luna Innovations Form a Partnership

We reported about the $36 million jury verdict in this trade secrets case here: http://wombletradesecrets.blogspot.com/2009/07/36-million-trade-secret-verdict-loser.html.

Well, VirginiaBusiness.com is reporting that Hansen and Luna have settled their ongoing dispute on the following terms: (a) a $5 million promissory note, (b) a block of Luna’s stock, and (c)
agreements that will provide its fiber-optic technology to Hansen.

Under the agreement, Luna will reportedly give Hansen the four-year promissory note, 9.9 percent of its common stock and a warrant to purchase additional stock for three years. In addition, Luna will provide Hansen with fiber-optic shape sensing and localization technology to be used in Hansen’s robotic and non-robotic instruments.

“This settlement with Hansen Medical clears the largest hurdle on our pathway to emerge from Chapter 11 reorganization and pay our creditors what they are owed,” Kent Murphy, Luna’s chairman and CEO said in a statement. “We look forward to integrating our shape sensing technology with Hansen’s surgical devices, as we expand the potential market for our products in robotically assisted procedures. It’s exciting for Luna and Hansen to move forward together in a long-term partnership that is focused on creating enhanced procedures that help save lives.”

Let the hostilities end and the partnership begin.