Aurora Spine entered a four-year, non-exclusive license agreement with SILIF Corp. covering a patent used in developing its SiLO TFX Transfixing SI Joint System.
The license, which began Aug. 11, replaces a previous agreement and resolves a long-standing dispute over royalty payment calculations. The settlement includes a $283,000 payment from Aurora Spine to SILIF, the return of 2,700,000 shares to Aurora Spine, extinguishment of a related note payable to Aurora Spine from SILIF and dismissal of ongoing arbitration, according to an Aug. 14 news release.
The agreement also simplifies royalty calculations on future sales of the SiLO TFX system.
Separately, an Aurora Spine insider increased the principal available under an existing loan by $600,000, bringing the total principal owed to the insider to $2.2 million. The loan bears interest at 4.5% per year and is due July 11, 2029. Aurora Spine intends to use the loan proceeds for general corporate purposes, according to the release.
At the Becker’s 32nd Annual Meeting: The Business and Operations of ASCs, taking place October 29-31 in Chicago, ASC leaders, surgeons and healthcare executives will explore strategies to drive growth, enhance operational performance, navigate reimbursement challenges and prepare for the future of ambulatory surgery. Apply for complimentary registration now.
