SAN DIEGO, Jan. 31, 2011 /PRNewswire/ -- Volcano Corporation (Nasdaq:VOLC - News) said today that the Superior Court of Massachusetts has issued a decision that ruled in favor of Volcano and its wholly-owned subsidiary Axsun Technologies, Inc., and against LightLab Imaging, Inc., on all of LightLab’s remaining claims for trade secret misappropriation. The 11-page decision also rejected LightLab’s request for injunctive relief.
This ruling follows prior Court rulings, in October 2010 and December 2009, that rejected other LightLab’s trade secret misappropriation claims. LightLab Imaging is a wholly-owned subsidiary of St. Jude Medical, Inc.
“We are pleased with this ruling. Along with prior court decisions issued in October 2010 and in December 2009, it confirms that that Volcano/Axsun are not using LightLab’s purported trade secrets in our OCT development efforts. We intend to continue developing our OCT system, and can now do so with the reassurance that the Court concurs with our position. Volcano will continue to execute on our growth strategy of providing industry leading diagnostic and therapeutic imaging devices to improve patient outcomes,” said Scott Huennekens, President and Chief Executive Officer of Volcano.
About Volcano Corporation
Volcano Corporation (NASDAQ:VOLC - News) is revolutionizing the medical device industry with a broad suite of technologies that make imaging and therapy simpler, more informative and less invasive. Our products empower physicians around the world with a new generation of analytical tools that deliver more meaningful information, using sound and light as the guiding elements. Founded in cardiovascular care and expanding into other specialties, Volcano is changing the assumption about what is possible in improving patient outcomes by combining imaging and therapy together. For more information, visit the company’s website at www.volcanocorp.com.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Any statements in this release that are not historical facts may be considered “forward-looking statements,” including the impact of the Court’s ruling discussed above, statements regarding the potential benefits of the products and procedures described above, the pace and extent of market adoption of the company’s technologies and the impact of clinical and other technical data. Forward-looking statements are based on management’s current preliminary expectations and are subject to risks and uncertainties which may cause Volcano’s results to differ materially and adversely from the statements contained herein. Some of the potential risks and uncertainties that could cause actual results to differ from those predicted include competition, unexpected new data, safety and technical issues, and market conditions. These and additional risks and uncertainties are more fully described in Volcano’s filings made with the Securities and Exchange Commission, including the current report on Form 8-K filed September 13, 2010. Undue reliance should not be placed on forward-looking statements which speak only as of the date they are made. Volcano undertakes no obligation to update any forward-looking statements to reflect new information, events or circumstances after the date they are made, or to reflect the occurrence of unanticipated events.
