Jury rules in favor of CardiAQ Valve Technologies, awards company $70 million
A federal jury in Boston ruled in favor of CardiAQ Valve Technologies and awarded the company $70 million in a lawsuit filed against Neovasc, a former service provider.
Edwards Lifesciences, which acquired CardiAQ last year for around $400 million, announced the jury’s decision in a news release.
Edwards said that CardiAQ’s co-founders hired Neovasc in 2009 to provide tissue processing and valve assembly services for CardiAQ’s transcatheter mitral valve system.
Although the parties signed a non-disclosure agreement, Edwards said Neovasc began working on its own transcatheter mitral valve replacement program without telling CardiAQ. CardiAQ filed the lawsuit in 2014.
“The jury found that Neovasc breached the non-disclosure agreement between the parties, misappropriated CardiAQ’s trade secrets, and breached its duty of honest perormance to CardiAQ,” Edwards said in a news release.
Executive Editor
Tim Casey joined TriMed Media Group in 2015 as Executive Editor. For the previous four years, he worked as an editor and writer for HMP Communications, primarily focused on covering managed care issues and reporting from medical and health care conferences. He was also a staff reporter at the Sacramento Bee for more than four years covering professional, college and high school sports. He earned his undergraduate degree in psychology from the University of Notre Dame and his MBA degree from Georgetown University.