Precision Optics Sells Patents to Intuitive Surgical

Precision Optics Corporation has signed a deal with Intuitive Surgical, Inc for a $2.5 million patent sale. The company which manufactures advanced optical instruments in Gardner, sold issued and non-expired patents including pending patent applications to the surgical robotics firm in California.

Precision Optics president and CEO Joseph Forkey said in a statement that this sale and licensing agreement provides a unique opportunity for them to satisfy their immediate cash needs while maintaining the ability to pursue their core business objectives and preserve value for their shareholders.

The deal would allow Intuitive Surgical, Inc of Sunnyvale, CA to use all the patents and it would grant to Precision Optics a royalty-free, worldwide license to these patents in fields outside of medical robotics.  Intuitive Surgical manufactures the da Vinci Surgical System along with other equipment for robotically assisted surgery.

Precision Optics will now have the fund to pursue its work on new products that are minimally invasive surgical devices, extremely small optical elements intended to allow for imaging in areas of the body that were previously inaccessible and handheld stereo endoscopes for use in minimally invasive surgery.