Eye Surgery Rivals Settle Patent Claims For $6.5M

Law360, New York (April 10, 2007, 12:00 AM EDT) -- Laser eye surgery rivals Synergetics USA Inc. and Iridex Corp. laid down their swords Tuesday, with Synergetics paying $6.5 million to settle the companies’ dueling patent infringement suits.

Synergetics will pay $2.5 million to Iridex on April 16, and pay $800,000 annually over the next five years as part of the settlement, which also includes a royalty-free, worldwide cross licensing agreement between the companies.

The companies also entered into a manufacture and supply agreement under which Synergetics will produce various laser disposable products such as probes...
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