Synergetics USA, Inc.

O'Fallon, MO: (Apr-10-07) Iridex Corporation filed a patent litigation suit against Synergetics USA, Inc. and entered into a Settlement Agreement and a Manufacture and Supply Agreement to resolve all claims from the pending lawsuits. The agreement involves the dismissal of all pending legal actions between the two companies as well as a cross licensing of various patents between them. Synergetics also agreed to pay $2.5 million to Iridex on April 16, 2007 and $800,000 annually over the next five years. Under the Manufacture and Supply Agreement, Synergetics obtained the right to manufacture and supply various laser disposables, which could result in a $3.0 million increase in revenue over the next five years. [PR NEWSWIRE: SYNERGETICS PATENT]

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Published on Apr-16-07