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SurgiLight and Laser Photonics suits dismissed
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ORLANDO, Fla. — SurgiLight (OTCBB: SRGL) announced Oct. 24 that the lawsuit with Laser Photonics was dismissed with no payment being made by either party in the settlement.
Timothy J. Shea, Senior Vice President and Chief Operating Officer commented “We are glad this case has finally come to an end. As we have stated in the past, these claims of obtaining trade secrets and passing them on to SurgiLight were baseless and had absolutely no merit.”
According to the SurgiLight’s legal counsel, there was never any evidence provided by Laser Photonics [now known as Photomedex] that would support the claims and allegations made against Mr. Shea or the company.
According to PhotoMedex (NASDAQ: PHMD), the litigation narrowly focused on the alleged conveyance to SurgiLight of trade secrets by Mr. Shea while he was still employed by PhotoMedex.
In a press release, the Radnor, Pa.- based company said that although Mr. Shea admitted to working on SurgiLight’s FDA 510(k) excimer laser application for the treatment of psoriasis while concurrently employed by PhotoMedex. The company and its counsel concluded the evidence was insufficient to justify the legal expense in proving its claims given the possible economic remedy.
Photomedex has retained all of its rights and remedies against SurgiLight for patent infringement in the event that SurgiLight were to begin commercialization of its 308 nm excimer laser for psoriasis. According to the company’s legal counsel, the evidence indicates that SurgiLight has not made any serious effort to enter into the dermatology market.