January 31, 2011 – Volcano Corp. said today the Superior Court of Massachusetts issued a decision ruling in favor of Volcano and its subsidiary Axsun Technologies Inc., and against LightLab Imaging Inc., on all of LightLab's remaining claims for intravascular optical coherence tomography (OCT) trade secret misappropriation. The 11-page decision also rejected LightLab's request for injunctive relief.
This ruling follows prior court rulings, in October 2010 and December 2009, that rejected LightLab's other trade secret misappropriation claims. LightLab Imaging is a wholly-owned subsidiary of St. Jude Medical Inc.
"We are pleased with this ruling. Along with prior court decisions issued in October 2010 and in December 2009, it confirms that that Volcano/Axsun are not using LightLab's purported trade secrets in our OCT development efforts. We intend to continue developing our OCT system, and can now do so with the reassurance that the court concurs with our position. Volcano will continue to execute on our growth strategy of providing industry leading diagnostic and therapeutic imaging devices to improve patient outcomes," said Scott Huennekens, president and CEO of Volcano.
Axsun manufactures OCT components for Lightlab’s intravascular OCT imaging system, which is the only OCT system cleared by U.S. Food and Drug Administration (FDA). St. Jude purchased LightLab in May 2010, shortly after the OCT system gained FDA clearance.
Volcano is also developing an OCT system, which it hopes will gain FDA clearance by mid-2011. The system is already cleared for use in Europe.
For more information: www.volcanocorp.com