Stryker Orthopaedics 2016 Settlement Program reaches milestone
95% of Registered Eligible U.S. Patients Enrolled in Program
Kalamazoo, Michigan - May 8, 2017- Stryker Corporation (NYSE:SYK) announced that Howmedica Osteonics Corp. (referred to as "Stryker Orthopaedics"), a subsidiary of Stryker Corporation, has informed the courts in the New Jersey Multicounty and Federal Multidistrict litigations that 95% of additional registered eligible patients have enrolled in the Settlement Program under the Master Settlement Agreement announced in December 2016. As a result, Stryker Orthopaedics will move forward with the 2016 Settlement Program that provides for compensation to additional eligible U.S. patients who had surgery to replace their Rejuvenate Modular-Neck hip stem and/or ABG II Modular-Neck hip stem, known as a revision surgery, prior to December 19, 2016.
Shortly, the Claims Processor will begin notifying claimants and their attorneys regarding compensation payments. The exact timing and amount of payments will depend on factors and circumstances specific to each claim. It is expected that a majority of the payments under the Settlement Agreement will be made by the end of 2017.
The 2016 Settlement Program follows an initial 2014 Settlement Program that covered patients who had a revision surgery prior to November 3, 2014. In that initial program, over 95% of eligible patients also enrolled. The high participation rates in both the 2014 and 2016 Settlement Programs are a testament to the fair and efficient processes afforded to patients through both of these Programs.
For more information about the Settlement Program, please visit: www.strykermodularhipsettlement.com.
Stryker is one of the world's leading medical technology companies and, together with our customers, we are driven to make healthcare better. The Company offers a diverse array of innovative products and services in Orthopaedics, Medical and Surgical, and Neurotechnology and Spine that help improve patient and hospital outcomes. Stryker is active in over 100 countries around the world. Please contact us for more information at www.stryker.com.
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