Jury Finds in Favor of CardiAQ in Case with Neovasc
IRVINE, Calif., May 19, 2016 -- 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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Contact Information :
Media, Heather Chambers or Sarah Huoh, 949-250-5070, or
Investors, David K. Erickson, 949-250-6826, both of Edwards Lifesciences Corporation
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