IRVINE, Calif., May 19, 2016 /PRNewswire/ -- Edwards
Lifesciences Corporation (NYSE: EW), the global leader in
patient-focused innovations for structural heart disease and
critical care monitoring, announced that a federal jury in
Boston today returned a verdict in
favor of CardiAQ in a lawsuit filed against a former service
provider, Neovasc. The jury found that Neovasc breached the
non-disclosure agreement between the parties, misappropriated
CardiAQ's trade secrets, and breached its duty of honest
performance to CardiAQ. The jury also awarded damages of $70
million for trade secret misappropriation.
CardiAQ co-founders Arshad
Quadri, M.D., and J. Brent
Ratz hired Neovasc in 2009 to provide tissue processing and
valve assembly services for its transcatheter mitral valve
replacement (TMVR) program. These services were covered under a
non-disclosure agreement. While Neovasc was working for CardiAQ,
Neovasc began working on its own TMVR program, but failed to
disclose this to CardiAQ. After discovering a Neovasc patent
publication in late 2011, CardiAQ initiated this litigation in
2014. Edwards acquired CardiAQ in 2015.
"Through many years of dedicated work with Dr. Quadri, we were
able to develop an extensive base of knowledge, make important
advancements and create the CardiAQ transcatheter mitral valve to
help patients in need who are not well-served by therapies
available today," said Ratz, who today serves as vice president of
research and development with the CardiAQ-Edwards TMVR program. "We
are proud of this foundational work and grateful that the jury
recognized these contributions to the developing field of
transcatheter mitral valve replacement."
The jury also made two factual determinations for matters that
the judge is expected to decide at a later time. The jury found
that Neovasc engaged in unfair or deceptive acts or practices, and,
with respect to CardiAQ's claim that Quadri and Ratz should be
added as inventors to a Neovasc patent, the jury found that Quadri
and Ratz contributed to the conception of the patent.
About Edwards Lifesciences
Edwards Lifesciences, based in Irvine,
Calif., is the global leader in patient-focused medical
innovations for structural heart disease, as well as critical care
and surgical monitoring. Driven by a passion to help
patients, the company collaborates with the world's leading
clinicians and researchers to address unmet healthcare needs,
working to improve patient outcomes and enhance lives. For more
information, visit www.Edwards.com and follow us on Twitter
@EdwardsLifesci.
This news release includes forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933 and Section
21E of the Securities Exchange Act of 1934. These
forward-looking statements include, but are not limited to, Mr.
Ratz's statements and statements regarding expected future court
rulings. Forward-looking statements are based on estimates
and assumptions made by management of the company and are believed
to be reasonable, though they are inherently uncertain and
difficult to predict. Our forward-looking statements speak
only as of the date on which they are made and we do not undertake
any obligation to update any forward-looking statement to reflect
events or circumstances after the date of the statement.
Forward-looking statements involve risks and uncertainties that
could cause results to differ materially from those expressed or
implied by the forward-looking statements based on a number of
factors, including but not limited to, unanticipated outcomes from
actions the judge in this case might take, as well as from future
appeals and legal proceedings. These factors are detailed in the
company's filings with the Securities and Exchange Commission
including its Annual Report on Form 10-K for the year ended
December 31, 2015. These
filings, along with important safety information about our
products, may be found at edwards.com.
Edwards, Edwards Lifesciences, the stylized E logo, CardiAQ and
CardiAQ-Edwards are trademarks of Edwards Lifesciences
Corporation. All other trademarks are the property of their
respective owners.
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SOURCE Edwards Lifesciences Corporation