CryoLife A Biomaterials And Biosurgical Device Company. CryoLife, Inc. (NYSE: CRY), a biomaterials and biosurgical device company, today reported that on Monday, October 25, 2004, it agreed to a binding settlement of three general liability lawsuits pending in the Multnomah Circuit Court in Oregon.
Additionally, the Company settled one product liability case and two product liability claims since June 30, 2004.
Increase Of $2.4 Million To Its Legal Liability Reserves
As a result of these settlements and the evaluation of all other outstanding litigation and claims at September 30, 2004, the Company
has recorded a net increase of $2.4 million to its legal liability reserves for asserted product liability and similar claims.
This amount will be reflected in the Company’s general, administrative and marketing expenses for the three months ended September 30, 2004.