Sientra Announces Settlement of Lawsuit
August 01 2017 - 7:30AM
Sientra, Inc. (NASDAQ:SIEN), a medical aesthetics company,
announced today that it has entered into a comprehensive settlement
agreement regarding mutual IP ownership and contract disputes with
its former breast implant contract manufacturer, Silimed-Indústria
de Implantes Ltda. (“Silimed”). The settlement resolves all claims
that the parties filed against each other, and clears the path for
Sientra to execute on its going-forward plans, unencumbered and
undistracted by these disputes. Details of the settlement can
be found in the form 8K filed today with the Securities and
Exchange Commission by the Company.
Jeffrey M. Nugent, Chairman and Chief Executive
Officer of Sientra, said, “We are pleased to enter this settlement
agreement, which ends the disputes between the two companies. We
view the settlement as an attractive conclusion for Sientra, with a
net positive impact on our strategic plans. Our actual
expense and cash outlay is significantly lower when accounting for
the savings from ongoing legal costs associated with taking both
the litigation and arbitration lawsuits through to trial. We
look forward to moving our business forward without the distraction
of these issues and focus on the many strategic opportunities in
front of us.”
About SientraHeadquartered in
Santa Barbara, California, Sientra is a medical aesthetics company
committed to making a difference in patients’ lives by enhancing
their body image, growing their self-esteem and restoring their
confidence. The Company was founded to provide greater choice to
board-certified plastic surgeons and patients in need of medical
aesthetics products. The Company has developed a broad portfolio of
products with technologically differentiated characteristics,
supported by independent laboratory testing and strong clinical
trial outcomes. The Company sells its breast implants and breast
tissue expanders exclusively to board-certified and
board-admissible plastic surgeons and tailors its customer service
offerings to their specific needs. The Company also offers a range
of other aesthetic and specialty products including BIOCORNEUM®,
the professional choice in scar management, and miraDry, the only
FDA cleared device to reduce underarm sweat, odor and permanently
reduce hair of all colors.
Forward- looking statementsThis
press release contains “forward-looking statements” within the
meaning of Section 27A of the Securities Act of 1933, as amended,
and Section 21E of the Securities Exchange Act of 1934, as
amended. Forward-looking statements include, but are not
limited to, statements related to Sientra’s strategy, plans,
objectives, expectations (financial or otherwise) and intentions,
future financial results and growth potential, projections
regarding the lawsuit with Silimed and other statements that are
not historical facts. These forward-looking statements are based on
management’s current assumptions and expectations and inherently
involve significant risks and uncertainties. Additional factors
that could cause actual results and the timing of events to differ
materially from those contemplated in this press release can be
found in the Risk Factors section of Sientra’s most recently filed
Quarterly Report on Form 10-Q and and its Annual Report on Form
10-K for the year ended December 31, 2016. The words
‘‘believe,’’ ‘‘may,’’ ‘‘might,’’ ‘‘could,’’ ‘‘will,’’ ‘‘aim,’’
‘‘estimate,’’ ‘‘continue,’’ ‘‘anticipate,’’ ‘‘intend,’’ ‘‘expect,’’
‘‘plan,’’ or the negative of those terms, and similar expressions
that convey uncertainty of future events or outcomes are intended
to identify estimates, projections and other forward-looking
statements. Estimates, projections and other forward-looking
statements speak only as of the date they were made, and, except to
the extent required by law, Sientra undertakes no obligation to
update or review any estimate, projection or forward-looking
statement.
Investor Contacts:
Patrick F. Williams
Sientra, Chief Financial Officer
(619) 675-1047
patrick.williams@sientra.com
Zack Kubow / Brian Johnston
The Ruth Group
(646) 536-7020 / (646) 536-7028
ir@sientra.com
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