CardiAQ Valve Technologies has filed a federal lawsuit against Neovasc over fraud, misappropriation of trade secrets, breach of contract, and unfair and deceptive trade practices.
In its lawsuit filed in Boston, CardiAQ is seeking to enjoin Neovasc from further developing and commercializing its transcatheter mitral valve implantation (TMVI) technology, including the Tiara that is claimed to be based upon CardiAQ trade secrets and know-how.
CardiAQ noted that it is also seeking to have one or more of its employees named as inventors on the Neovasc patent and patent applications that resulted in Neovasc improperly using CardiAQ’s proprietary technology.
CardiAQ alleged that in June 2009 Neovasc approached the company and offered to provide services to support CardiAQ’s pre-existing development project for a minimally invasive implantable mitral valve.
CardiAQ Valve Technologies CEO Rob Michiels said that the company recognizes that Transcatheter mitral valve implantation has become one of the most competitive spaces in medical devices and will remain that way for years to come.
"As pioneers in this new field, CardiAQ set the standard for TMVI positioning and anchoring and we will defend our intellectual property and trade secrets vigorously," Michiels added.
"While it is not our preference to create any distraction from our technical and clinical efforts, this blatant disregard by Neovasc for confidentiality and honorable business practice, as set forth in the complaint, has left us with no choice."
The CardiAQ valve technologies system for TMVI is in the early phases of development and will not be available in the US for clinical trials until further notice.