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Iridex, Synergetics reach agreement settling all litigation between the companies
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MOUNTAIN VIEW, Calif. — Iridex and Synergetics USA have reached an agreement settling all outstanding claims against each other in both of their patent litigation suits, the companies announced.
Under the terms of the agreement, Synergetics is required to pay Iridex $6.5 million over a 5-year period, beginning with a $2.5 million payment to be made April 16. Synergetics will then make annual payments of $800,000 until 2012, according to press releases from both companies.
In addition, the companies agreed to a fully paid-up, royalty-free, worldwide cross licensing of various patents. The cross licensing agreement gives Synergetics the right to manufacture and supply various laser disposables, which could result in approximately $3 million in revenue for the company over the next 5 years, the Synergetics release said.
The agreement terminates all legal proceedings between the companies, which focused on proprietary laser probe connector technology owned by Iridex, directional laser probe technology owned by Synergetics and a patent-pending application on Iridex's intuitive laser probe technology, according to the Iridex press release.