PhotoMedex, Inc. announced that it has filed a lawsuit against Irvine, CA-based Edwards Lifesciences Corporation and its former parent company Baxter Healthcare Corporation in the Superior Court of the State of California for Orange County. PhotoMedex seeks the return of $4 million plus costs and interest.
The lawsuit alleges that Edwards has breached a series of agreements between the companies for a project to develop and commercialize PhotoMedex's patented excimer laser technology to treat heart-related diseases. The lawsuit further alleges that Edwards improperly granted to a competitor certain rights to the heart-related proprietary technology which belongs to PhotoMedex under the agreements and which PhotoMedex had acquired at Baxter's insistence for $4 million.
Commenting on the suit, Jeffrey O'Donnell, president and CEO of PhotoMedex, said, "Edwards did not fulfill its obligations under our agreements and has abandoned the project related to cardiovascular diseases. We have been damaged financially and competitively by Edwards' actions. We are now in a position to seek appropriate relief and remedy for Edwards' improper conduct."
PhotoMedex provides contract medical procedures to hospitals, surgi-centers and doctors' offices, offering a wide range of products and services across multiple specialty areas, including dermatology, urology, gynecology, orthopedics and other surgical specialties.