News | Business | May 24, 2016

Jury Finds in Favor of CardiAQ in Case with Neovasc

CardiAQ awarded $70 million in damages for trade secret misappropriation related to transcatheter mitral valve replacement program

CardiAQ, Neovasc, lawsuit, TMVR

May 24, 2016 — Edwards Lifesciences Corp. announced that a federal jury in Boston 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.

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.

For more information: www.edwards.com

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