September 6, 2017 – In May, 2016, a Massachusetts federal jury found that Neovasc Inc. had misappropriated trade secrets relating to mitral valve implants from competitor CardiAQ Valve Technologies Inc. and awarded $70M in lieu of a reasonable royalty. Judge Burroughs subsequently denied Neovasc’s request for a new trial, awarded an additional $21M in enhanced damages, and ruled that two of CardiAQ’s founders must be listed as co-inventors on a patent to related technology held by Neovasc. The court also denied CardiAQ’s request to enjoin Neovasc from developing for 18 months its lead implant product. In an opinion issued September 1st, the Federal Circuit affirmed the district court on all fronts.
The opinion is captioned CardiAQ Valve Technologies, Inc. v. Neovasc Inc. The inventorship dispute concerns U.S. Patent No. 8,579,964, entitled “Transcatheter Mitral Valve Prosthesis.” CardiAQ was acquired by Edwards Lifesciences in 2015.
By: Sean C. McDonagh