Tuesday, April 10, 2007

Synergetics, Iridex settle patent litigation

Further to the Iridex matter, TradingMarkets reports: IRIDEX Corp. and Synergetics USA, Inc. on April 10, 2007 announced arriving at an agreement to settle all outstanding claims against each other pending in various patent litigation suits. Under the terms of settlement Synergetics will pay IRIDEX $6.5 million in total over a period of five years. The first payment of $2.5 million falls due on April 16, 2007. This will be followed by annual payments of $800,000 on April 16th until 2012.

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