ROCKLAND, Mass.--(BUSINESS WIRE)--Paradigm BioDevices, Inc. announced today that the High Court of Justice, Chancery Division in London, England has ruled in Paradigm BioDevices’ favor in a lawsuit against Surgicraft Ltd., a wholly-owned subsidiary of Centinel Spine, LLC. Paradigm BioDevices was granted favorable rectification of a contract between the two companies with the result that compensation is owed to Paradigm BioDevices by Surgicraft for termination of the contract as the result of a change-of-control provision.
Paradigm BioDevices made its claim for rectification and damages against Surgicraft Ltd. in 2008 following the abrupt termination of Paradigm BioDevices’ exclusive US distribution rights in respect of Surgicraft’s STALIF™ TT spinal fusion devices earlier that same year. Surgicraft Group Holdings, a UK based medical device company, and its subsidiaries, was acquired in 2008 by Centinel Spine (formerly Raymedica, LLC) - a portfolio company of Viscogliosi Brothers, LLC based in New York City.
“The High Court appropriately ruled that Surgicraft did not honor its contractual obligations and we are very pleased with the decision,” said Mike O’Neill, President and CEO of Paradigm BioDevices. “Paradigm BioDevices has a long history of delivering innovative products to the orthopedic marketplace via a strong ethical code of conduct and we will continue to do so.”
Earlier this month, Surgicraft Ltd. defaulted on an order from the English High Court to pay Paradigm BioDevices significant interim damages. A subsequent hearing is scheduled to assess further damages and legal fees due Paradigm BioDevices.
“We will aggressively pursue all damages awarded to us by the High Court to the fullest extent of the law in England and we will continue that pursuit in the United States if necessary,” said Mr. O’Neill, “Previous to the acquisition of Surgicraft, Ltd., all parties involved in the transaction were made aware of the compensation we would be due. It is reprehensible that we are forced into this position but we are committed to protecting ourselves and to a complete recovery of the damages that we suffered as a result.”
About Paradigm BioDevices
Paradigm BioDevices, Inc. is a manufacturer of minimally invasive orthopedic and spinal instrumentation based in Boston, MA and a US national distributor of novel and zero profile? spinal fusion technologies. The privately held company was founded in 1997 and also markets the QuickDraw Bone Harvester®.
