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NAPLES — Medical device manufacturer Arthrex says the company has settled a lawsuit with Parcus Medical, a rival formed by former Arthrex employees. Financial terms of the settlement were not disclosed.
In a statement, privately held Arthrex says the company has been involved in a lawsuit with Parcus Medical over patents in the field of orthopedics. Arthrex is one of the world's largest manufacturers of orthopedic devices for surgeons.
“As part of the settlement, Parcus acknowledges that certain ex-Arthrex employees took proprietary information, including product manufacturing programming and manufacturing know-how, from Arthrex relating to Arthrex products, and that this information was found in Parcus' possession without Arthrex's authorization. The parties have agreed on remedial measures, including purging of the Arthrex proprietary information from Parcus and compensation to Arthrex,” Arthrex says in a statement.
In addition, Arthrex says Parcus has agreed to pay undisclosed royalties on several patents that were unrelated to the litigation.
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