CardiAQ Sues Neovasc

Irvine-based medical device manufacturer CardiAQ Valve Technologies, which develops mitral valves used for heart surgery, has sued Neovasc, claiming fraud, misappropriation of trade secrets, breach of contract, and unfair and deceptive trade practices. CardiAQ said it is seeking to enjoin Neovasc from further developing and commercializing its technology, which it says is based on CardiAQ's trade secrets and know-how. The two apparently had been partnered in a development project back in 2009, where Neovasc had been offering support services to CardiAQ; CardiAQ now claims that Neovasc used that to develop its own, mitral valve program.