A federal jury in Boston ruled in favor of CardiAQ Valve Technologies and awarded the company $70 million in a lawsuit filed against Neovasc, a former service provider.
Edwards Lifesciences, which acquired CardiAQ last year for around $400 million, announced the jury’s decision in a news release.
Edwards said that CardiAQ’s co-founders hired Neovasc in 2009 to provide tissue processing and valve assembly services for CardiAQ’s transcatheter mitral valve system.
Although the parties signed a non-disclosure agreement, Edwards said Neovasc began working on its own transcatheter mitral valve replacement program without telling CardiAQ. CardiAQ filed the lawsuit in 2014.
“The jury found that Neovasc breached the non-disclosure agreement between the parties, misappropriated CardiAQ’s trade secrets, and breached its duty of honest perormance to CardiAQ,” Edwards said in a news release.