CryoCor, based in San Diego, won U.S. approval last year for the CryoCor Cardiac Cryoablation System, which freezes tissue to correct certain abnormal heart rhythms.I hope the judge can keep 'em straight. Imagine the conversation:
``We believe that our exclusive license to these patents gives us broad coverage over key technologies that are critical in the field,'' said Edward F. Brennan, chief executive officer of CryoCor, in the statement.
CryoCath said in a statement distributed by Canada NewsWire that CryoCor's claims are ``without merit.''
The U.S. suit targets CryoCath products including the CryoConsole and Freezor brands, according to court documents.
CryoCath, based in Kirkland, Quebec, sued CryoCor in October in the same Delaware court alleging seven patents were infringed and seeking unspecified damages.
CryoCor, with $540,000 in 2006 sales and a $15 million net loss, fell 25 cents to $2.33 in Nasdaq Stock Market trading. The shares fell to a 52-week low of $2.01 earlier today.
CryoCath, with C$39.6 million in sales last year and a C$18.9 million net loss, fell 7 cents to C$4.15 in trading in Toronto.
"CryoCor wants to sue CryoCath-"
"Hey, but CryoCath sued CryoCor first"
"Oh for crying out loud!"
"Cryoablation was created by CryoCor."
"CathCor, er, I mean..."
(Judge reaches for bottle of Valium.)