Under the terms of the settlement, Bovie will immediately exit the monopolar and bipolar saline-enhanced RF device business (including Bovie’s SEER and BOSS) worldwide, until February 2015.
In addition, Bovie acknowledges the validity and enforceability of Medtronic’s patent – to which Salient has exclusive legal rights – in the US and Europe and in exchange, Medtronic will make a one-time payment to Bovie of $750,000.
Salient president and CEO Joseph Army said they are pleased with the outcome and will continue to defend their intellectual property.
