WESTFORD, Mass., Feb. 9 LightLab Imaging, Inc., pioneer and leader in the development of Optical Coherence Tomography (OCT) for coronary artery applications, today reported that Trial Judge Margaret Hinkle has set March 22 for the commencement of the next phase of an ongoing trial to address damages LightLab Imaging is claiming against Volcano Corporation and its wholly owned subsidiary, Axsun Technologies, Inc. After a four week trial that addressed only the liability claims in this litigation, a 13 person jury in the Massachusetts Superior Court rendered its liability verdict on February 4, 2010, finding:
In addition, the jury found for LightLab in a dispute over the interpretation of LightLab's rights of exclusivity under its contract with Axsun, and found for LightLab that the contract had been modified to require Axsun to deliver a particular state-of-the-art laser to LightLab.
At a future date, LightLab will also be asking the Court to issue injunctions against Volcano and Axsun consistent with the jury's findings.
About LightLab Imaging
LightLab Imaging, Inc., based in Westford, MA is the world's leading manufacturer and marketer of Optical Coherence Tomography (OCT) for vascular and other imaging applications. LightLab currently sells its OCT systems and imaging catheters in twenty countries in Europe, Asia, the Middle East and South America. It currently does not sell products in the United States for clinical use. The company was founded in 1998 by the inventors of OCT, and has exclusive license to a broad range of OCT technologies and applications from MIT and other entities. The LightLab mission is to develop and distribute photonic imaging technologies that improve patient's wellbeing, enhance diagnostic medicine, improve outcomes, and reduce healthcare expenditures. With the ability to resolve real-time images to 15 micrometers, the LightLab Imaging OCT Imaging Systems offer physicians more information, and more precise information, than ever before available. For more information, visit www.lightlabimaging.com.
-- Axsun, which was acquired by Volcano in December 2008, breached its exclusive contract with LightLab Imaging -- Axsun and Volcano misappropriated LightLab's trade secret information -- Volcano was unjustly enriched by gaining access to LightLab's trade secret information -- Volcano intentionally interfered both with LightLab's contract and with LightLab's advantageous business relationship with Axsun -- Axsun breached the implied covenant of good faith and fair dealing in the LightLab contract
SOURCE LightLab Imaging, Inc.