dismiss

This Thursday, Jan 25th is our next Clean Sweep Live Auction: Click to view the full catalogue and pre-bid now

DOTmed Home MRI Oncology Ultrasound Molecular Imaging X-Ray Cardiology Health IT Business Affairs
News Home Parts & Service Operating Room CT Women's Health Proton Therapy Endoscopy HTMs Mobile Imaging
SEARCH
Current Location:
>
> This Story


Log in or Register to rate this News Story
Forward Printable StoryPrint Comment

 

 

Business Affairs Homepage

Does health care hold the key to IBM's market comeback? With stock values a mere shadow of their former glory, Big Blue seeks redemption in health IT

Change Healthcare acquires NDSC Enables delivery of medical guidelines through EHRs to the point of care

Canon to step up payoff of Toshiba Medical deal debt Setting aside $1.79 billion to double its repayments in 2018

Hit with $6.2 billion charge, GE considering major shake-ups CEO Flannery 'deeply disappointed' and weighing all options

Global health and medical insurance providers market to hit $1.6 trillion by 2020 Major driving force is the growing elderly population

MITA and others call for long-term solution to medical device tax First payment under tax is due by January 29

Radiology Partners and three universities establish radiology research center Will focus on improving best practices

Philips to relocate NA headquarters from Andover to Cambridge Relocation in Mass. brings company to innovation hub

HealthGrid partners with Iatric Systems to help MEDITECH hospital meet MU requirements

Guerbet to buy Accurate Medical Therapeutics for over €19.5 million Company has its eye on the interventional radiology market

Verasonics wins $5.6 million award, Alpinion blocked from selling ultrasound system

by Thomas Dworetzky , Contributing Reporter
A judge has given Verasonics a final award of more than $5.6 million in a Washington State binding arbitration, finding that Alpinion Medical Systems both breached non-disclosure and lease agreements and misappropriated trade secrets.

Alpinion is also blocked from selling its E-Cube 12 research ultrasound for five years.

Story Continues Below Advertisement

The (#1 Resource) for Medical Imaging and Peripherals. Call 1-949-273-8000

As a Master Distributor for major brands Barco, Philips, and Sony, we offer custom imaging solutions. With our renowned OEM Solutions and Service/Repair Center, Ampronix is a one-stop shop for HD Medical LCD Displays--Printers--Recorders--4K Cameras



The award to the Kirkland, Washington, based ultrasound devices and technology maker included compensatory damages, attorney's fees, arbitration fees, and other expenses – and is nearly double the original March partial final award, including compensatory damages of $2.9 million.

"We are grateful for the arbitrator's decision to issue the Final Award so clearly in our favor," Lauren Pflugrath, president and CEO of Verasonics, said in a statement, adding that, "we continue to expand and build positive collaborative partnerships, but must insist on protecting our intellectual property.”

Alpinion Medical Systems is headquartered in Seoul, South Korea, and is a subsidiary of ILJIN Holdings.

There are five-year global injunctions in place that not only block Alpinion from marketing or selling its E-CUBE 12R, but also any research ultrasound system derived from or based upon Verasonics' trade secrets or confidential information, and making use of that information.

The final award also denied or dismissed all other claims in the arbitration.

The trouble began in 2010, when Alpinion contacted Verasonics about licensing its ultrasound imaging technology, according to a report in Law 360.

At that time, both firms entered into nondisclosure agreements.

Over the next couple of years, the Korean firm showed interest in investing and got Verasonics to “divulge extensive confidential information, including bookkeeping figures, future development plans and pending patent applications and strategies,” according to the legal news site, and another nondisclosure agreement was entered into in 2012.

But the 2013 proposal to invest in Verasonics allegedly fell short and was rejected by the American firm. Then Alpinion launched its eCube-12R – which Verasonics claimed was based on confidential information.

Then, in 2014, the U.S. firm sued in Washington federal court.

Business Affairs Homepage


You Must Be Logged In To Post A Comment

Advertise
Increase Your
Brand Awareness
Auctions + Private Sales
Get The
Best Price
Buy Equipment/Parts
Find The
Lowest Price
Daily News
Read The
Latest News
Directory
Browse All
DOTmed Users
Ethics on DOTmed
View Our
Ethics Program
Gold Parts Vendor Program
Receive PH
Requests
Gold Service Dealer Program
Receive RFP/PS
Requests
Healthcare Providers
See all
HCP Tools
Jobs/Training
Find/Fill
A Job
Parts Hunter +EasyPay
Get Parts
Quotes
Recently Certified
View Recently
Certified Users
Recently Rated
View Recently
Certified Users
Rental Central
Rent Equipment
For Less
Sell Equipment/Parts
Get The
Most Money
Service Technicians Forum
Find Help
And Advice
Simple RFP
Get Equipment
Quotes
Virtual Trade Show
Find Service
For Equipment
Access and use of this site is subject to the terms and conditions of our LEGAL NOTICE & PRIVACY NOTICE
Property of and Proprietary to DOTmed.com, Inc. Copyright ©2001-2018 DOTmed.com, Inc.
ALL RIGHTS RESERVED