INTERIM AWARD IN MICROPORT CASE
CASTEL SAN PIETRO, 19 February 2020 - As disclosed in the offering and listing prospectus dated 21 March 2019 published in connection with Medacta's IPO, in 2018 MicroPort Orthopedics Inc. initiated arbitration against Advanced Surgical Devices (ASD) and its principal, William Zurowski, and a court proceeding against Medacta USA in the United States in connection with Medacta's acquisition of assets of ASD.
Medacta announces that an interim arbitration award has been made against ASD and William Zurowski in the amount of USD 9,705,900 for damages plus legal fees and costs. The arbitration award is not final and is subject to appeal and the court proceeding against Medacta remains pending. As proceedings remain ongoing, Medacta cannot comment further at this time. For further details see also note 6.25 of Medacta's consolidated financial statements 2018.
Medacta Group SA
Corrado Farsetta, CFO
Phone: +41 91 696 60 60
Medacta is an international company specializing in the design and production of innovative orthopaedic products and the development of accompanying surgical techniques for joint replacement, spine surgery, and sports medicine. Established in 1999 in Switzerland, Medacta's products and surgical techniques are characterized by innovation. Medacta is a pioneer in developing new offerings on the basis of minimally invasive surgical techniques, in particular its Anterior Minimally Invasive Surgery ('AMIS') technique for hip replacements. Medacta has leveraged its orthopaedic expertise and comprehensive understanding of the human body to develop the sophisticated 'MySolutions' technology, which offers surgeons highly personalized pre-operative planning and implant placement methodologies by creating advanced personalized kinematic models and 3D planning tools for use in hip, knee, shoulder and spine procedures.