8-KMaterial AgreementsExhibits & Filings

INTUITIVE SURGICAL INC 8-K Report, Material Agreement (Sep 7, 2005)

Filed September 7, 2005For Securities:ISRG

Summary

Intuitive Surgical, Inc. (ISRG) has filed an 8-K report on September 7, 2005, to disclose a material definitive agreement. The company entered into a Cross License Agreement with Hansen Medical, Inc. on September 1, 2005. This agreement involves a reciprocal licensing of patents and patent applications between the two companies in specific medical fields. The core of the agreement grants Intuitive Surgical a co-exclusive license to Hansen Medical's patents for intravascular approaches in cardiovascular, neurovascular, and peripheral vascular diseases, with Hansen required to pay royalties and issue Series B Preferred Stock. In return, Intuitive Surgical provides Hansen Medical with a co-exclusive, royalty-free license to its patents related to endoscopic, laparoscopic, thoracoscopic, or open surgical procedures across various anatomical regions, including endoluminal applications. Both companies retain the right to practice their own technology independently. This strategic collaboration aims to broaden the scope of diagnostic and treatment applications for both companies' technologies.

Key Highlights

  • 1Intuitive Surgical, Inc. entered into a Cross License Agreement with Hansen Medical, Inc. on September 1, 2005.
  • 2The agreement allows for the reciprocal licensing of patents and patent applications between the two companies.
  • 3Intuitive Surgical gains a co-exclusive license to Hansen Medical's patents for intravascular approaches in cardiovascular, neurovascular, and peripheral vascular diseases.
  • 4Hansen Medical is obligated to pay royalties and issue Series B Preferred Stock to Intuitive Surgical for the licensed technology.
  • 5Intuitive Surgical grants Hansen Medical a co-exclusive, royalty-free license to its patents for various endoscopic and laparoscopic surgical procedures.
  • 6Both companies retain full rights to practice their own technologies for all purposes.
  • 7Certain portions of the Cross License Agreement have been filed with confidential treatment requests.

Frequently Asked Questions

The main purpose is to allow both companies to leverage each other's patented technologies. Intuitive Surgical gains access to Hansen Medical's intravascular technologies for vascular diseases, while Hansen Medical gains access to Intuitive Surgical's robotic surgical platforms for a range of endoscopic and laparoscopic procedures.

Intuitive Surgical will receive royalties on future Hansen Medical product sales and will be issued shares of Hansen's Series B Preferred Stock, providing potential future revenue streams and equity stake.

No, the agreement explicitly states that each party retains full rights to practice its own technology for all purposes, meaning it does not hinder independent innovation or product development.

The agreement covers intravascular approaches for cardiovascular, neurovascular, and peripheral vascular diseases for Hansen Medical's licensed technology. For Intuitive Surgical's licensed technology, it covers endoscopic, laparoscopic, thoracoscopic, or open diagnosis and/or surgical procedures, including endoluminal applications in gastrointestinal, respiratory, ENT, urologic, and gynecologic surgery.