Treace Medical Announces Settlement of Lawsuit Against Fusion Orthopedics
PONTE VEDRA, Fla., March 03, 2023 (GLOBE NEWSWIRE) -- Treace Medical Concepts, Inc. (“Treace Medical” or the “Company”) (NasdaqGS: TMCI), a medical technology company driving a fundamental shift in the surgical treatment of hallux valgus (commonly known as bunions) jointly announces with Fusion Orthopedics, LLC (“Fusion Orthopedics”) that they have reached an amicable resolution of the litigation between the parties. Treace Medical filed the lawsuit on March 29, 2022 against Fusion Orthopedics in the United States District Court for the District of Arizona, alleging patent, trademark, and copyright infringement, as well as various unfair trade practices based on Fusion Orthopedics’ use, sale, and promotion of the Lapilock 4D Advanced Bunion Surgery, including false advertising and unfair competition. Fusion Orthopedics subsequently filed counterclaims against Treace Medical, requesting declaratory judgment of non-infringement and invalidity of the patents, declaratory judgment of invalidity of Treace Medical’s LAPIPLASTY trademark, as well as various unfair trade practices based on Treace Medical’s use, sale, and promotion of the Lapiplasty 3D Bunion Correction, including counterclaims of false descriptions and false advertising. In March 2023, the parties entered into an agreement to settle this matter.
While the terms of the settlement are confidential, Treace Medical is pleased with the outcome.
About Treace Medical Concepts
Treace Medical Concepts, Inc. is a medical technology company with the goal of advancing the standard of care for the surgical management of bunion deformities and related midfoot correction. Bunions are complex 3-dimensional deformities that originate from an unstable joint in the middle of the foot and affect approximately 65 million Americans, of which Treace estimates 1.1 million are annual surgical candidates. Treace Medical has pioneered and patented the Lapiplasty® 3D Bunion Correction™ system – a combination of instruments, implants, and surgical methods designed to surgically correct all 3 planes of the bunion deformity and secure the unstable joint, addressing the root cause of the bunion and helping patients get back to their active lifestyles. Treace Medical recently expanded its offering with the Adductoplasty™ Midfoot Correction System, designed for reproducible surgical correction of the midfoot to provide further support to hallux valgus patients. For more information, please visit www.treace.com.
Treace Medical Concepts
Mark L. Hair
Chief Financial Officer
Lynn Lewis or Vivian Cervantes