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A South Korean medical device company is on the hook for more than $25 million after a federal jury in Texas found that it misappropriated trade secrets involving cardiac MRI technology from LBDS Holding Co.
LBDS Holding sued ISOL in August 2011, alleging that the South Korean company broke their deal to integrate its cardiac MRI software into ISOL’s existing MRI platform and instead stole the software and used it in its own MRI offering, according to court documents.
"LBDS is developing highly confidential, proprietary technology that improves MRI imaging of the heart, a task that is difficult to perfect because of the motion of the heart. Despite spending years and millions of dollars developing its technology, LBDS has been prevented by defendants’ misconduct from entering the market with a cardiac capable MRI system, while defendants are now marketing a cardiac MRI system using LBDS’ proprietary technology," according to the documents.
ISOL then entered negotiations with Samsung Medison to sell the technology, the lawsuit alleged.
"LBDS is thus in imminent danger of immediate and irreparable damage if defendants continue to disclose, use or attempt to sell LBDS’ technology. LBDS seeks damages and to protect its trade secrets from further disclosure and use by or for the benefit of any person or entity other than LBDS," according to the lawsuit.
The jury in the U.S. District Court for Eastern Texas ruled March 12 that ISOL broke the deal with LBDS, misappropriated trade secrets and engaged in unfair competition, court records show. The jury awarded $24.4 million in lost profits and another $761,000 in illicit gains, according to the records.
LBDS won 510(k) clearance from the FDA in April 2011 for its flexible cardiac coil to be used with Philips Healthcare’s 1.5T MRI system for scanning the heart and "associated structures in the thoracic region."
The post Jury hits South Korean medical device maker with $25M in trade secret theft case appeared first on MassDevice.
