Artimplant postpones Year-End Report
The Board of Directors has decided to postpone the publication of Artimplant's Year-End Report until February 27, 2013. The original publication date was February 1, 2013.
The reason for the change is the ongoing complaints in the USA and the related insurance situation. As stated previously, it is Artimplant's understanding that there is perfectly adequate insurance cover for the costs attributable to the complaints in the USA. However, the parties involved, comprising two insurance companies and one insurance broker, are in disagreement regarding how the costs are to be divided between them. As Artimplant is a contracting party with all three, it is incumbent on Artimplant to continue to pursue the matter. During the summer, Artimplant entered into an agreement with the insurance companies and the insurance broker, which means that until further notice these parties will reimburse Artimplant in advance for the complaint costs that have arisen since June 1, 2012 and until the division of liability can be clarified conclusively.
Negotiations are taking place between all the parties to reach an agreement. If the parties are unable to reach an agreement in this matter soon, Artimplant will be obliged to call for arbitration proceedings in the matter against the insurance companies and the insurance broker. Possible arbitration proceedings would of course be a source of uncertainty for all parties involved.
In the light of the above, the Board of Directors is of the opinion that there is uncertainty regarding the valuation of certain items in the final accounts and the Company's financial position and it has therefore opted to wait before publishing the Year-End Report until the current negotiations between the parties have been concluded.
Västra Frölunda, January 31, 2013
Board of Directors
For further information, please contact:
Kjell Thörnbring, CEO
Telephone: +46 703 119 025
Anders Cedronius, Chairman of the Board
Telephone:+46 706-422 745
Further information is available at www.artimplant.com where you can also subscribe to future press releases; www.artimplant.com/investors-media/subscribe-to-press-releases.html
Artimplant is a biomaterials company focused on solutions to problems in orthopedics. We restore health through the development, production and marketing of degradable implants that regenerate body functions and improve quality of life. Our products, made from Artelon®, meet unmet clinical needs and are marketed in a growing number of therapy areas. Artimplant produces implants for treatment of osteoarthritis in hands and feet as well as shoulder and other soft tissue injuries.
Artimplant is a public company, listed on NASDAQ OMX Stockholm in the Small Cap segment and in the healthcare sector.
This press release contains forward-looking statements as defined in the U.S. Private Securities Litigation Reform Act of 1995. Readers are cautioned not to place undue reliance on these forward-looking statements. Actual results may differ materially from those indicated by these forward-looking statements as a result of risks and uncertainties impacting on the Company's business, including increased competition; the ability of the Company to expand its operations and to attract and retain qualified professionals; technological obsolescence; general economic conditions; and other risks detailed from time to time in the Company's filings.
This is information that Artimplant will make public pursuant to the Swedish Financial Instruments Act and the Swedish Securities Exchange and Clearing Operations Act and/or stock market agreements. Information was made available for publication on January 31, 2013 at 11am (Swedish time).