Innovative Spinal Technologies Bankruptcy Trustee to Sell Company Patent Portfolio
The assets of bankrupt spinal implant manufacturer, Innovative Spinal Technologies, include a valuable patent portfolio and its innovative AXIENT spinal support system. The Bankruptcy Trustee is selling the patent portfolio and other assets.
Boston, MA (PRWEB) June 18, 2009 -- The bankruptcy trustee for failed medical device firm, Innovative Spinal Technologies, plans to generate money to pay creditors through a sale of the company's patent portfolio and other intellectual property assets.
IST was founded in 2002, and headquartered in Mansfield, Massachusetts. It manufactured surgical implants and tools designed to correct spinal problems using minimally invasive surgical techniques. Its FDA approved products include the PARAMOUNT MIS Pedicle Screw System for percutaneous single and multi-level procedures; the PARAMOUNT IBF Implant System, designed for a minimally invasive transforaminal approach; and the CORDANT ACP Anterior Cervical Plate System. IST's innovative AXIENT system is a pedicle screw system designed to allow preservation of motion while providing the structural strength of a traditional fusion system.
IST filed a chapter 7 bankruptcy petition in the United States Bankruptcy Court for the District of Massachusetts on May 15, 2009 (case no. 09-14415). The Office of the U.S. Trustee appointed chapter 7 trustee Warren E. Agin to liquidate its assets. According to the trustee, the company's assets include more than one hundred medical device patents and patent applications, including numerous foreign patents.
According to a schedule attached to the petition, the company also had nine cadavers in its surgical center at its premises. The cadavers have been properly removed from the premises in accordance with instructions provided by the deceased or their families.
About Warren E. Agin:
Warren E. Agin is a partner at Swiggart & Agin, LLC, in Boston, Massachusetts, and a Chapter 7 panel trustee for the District of Massachusetts. As a panel trustee, Mr. Agin is appointed by the Office of the United States Trustee to oversee select bankruptcy cases filed in Massachusetts. More information on the United States Trustee system is available at : http://www.usdoj.gov/ust/eo/ust_org/about_ustp.htm.
About Swiggart & Agin, LLC:
Swiggart & Agin, LLC, in Boston, Massachusetts, provides legal services to companies. The firm represents companies in the information technology sector, and also provides bankruptcy and insolvency related services to companies and individuals.
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