Sutura, Inc, a California-based medical device company, said it has settled a patent infringement lawsuit it had against Abbott Laboratories. Abbott has agreed to pay Sutura $23 million as part of the settlement agreement.

The settlement provides for a cross license of the Hathaway patents, licensed to Abbott by Indiana University, and the Sutura Nobles patents.

"We are pleased to have reached this agreement with Abbott and resolved this patent infringement dispute with them," said David Teckman, president and CEO, Sutura. "We now look forward to moving on with our continued enhancement of Sutura's product line of vascular suturing devices, in particular the Sutura EL device."

Sutura, Inc. is a medical device company that has developed a line of innovative, minimally invasive, vascular suturing devices to suture the puncture created in arteries during open surgery and catheter-based procedures.