Glaukos Settles Patent Suit

Laguna Hills-based medical device maker Glaukos said this morning that it has entered into a settlement of a patent lawsuit with Transcend Medical. According to the company, it has agreed not to sue Transcend for patent infringement related to Transcend's CyPass Micro-Stent devices. In exchange, it said Transcend will pay the company 1% of future net sales, via quarterly payments, up to a maximum amount of $6M. The two had been scheduled to go to trial on November 2nd. Glaukos develops medical devices which are used to treat glaucoma.