Intends to aggressively pursue all parties involved in the transaction for payment of High Court award who are now in default
ROCKLAND, Mass.--(BUSINESS WIRE)--Paradigm BioDevices, Inc. announced today that it filed a lawsuit in the United States District Court of Massachusetts against Viscogliosi Bros. LLC, Viscogliosi & Co, LLC, Paradigm Spine, LLC, Centinel Spine, Inc., and individually Anthony Viscogliosi and John Viscogliosi alleging successor liability, willful and tortious interference, unfair competition, deceptive and malicious business practices, fraud, and default of a U.K. High Court order to pay monetary damages.
“Paradigm BioDevices has a long history of delivering innovative products to the orthopedic marketplace via a strong ethical code of conduct, and we will continue to do so”Tweet this
The U.S. lawsuit stems from a victory Paradigm BioDevices obtained in a U.K. lawsuit against Surgicraft Ltd. filed in 2008 following the abrupt termination of Paradigm BioDevices’ exclusive U.S. distribution rights of Surgicraft’s STALIF™ TT spinal fusion devices earlier that same year. Surgicraft Group Holdings, a U.K. based medical device company, and its subsidiaries were acquired in 2008 by Centinel Spine (formerly Raymedica, LLC) - a portfolio company of Viscogliosi Brothers, LLC based in New York City.
“All of the parties involved were and continue to be acutely aware of the financial obligations due Paradigm BioDevices in the event of the termination of our contract due to a ‘change of control’,” said Mike O’Neill, President and CEO of Paradigm BioDevices. “Instead of honoring those covenants, an elaborate scheme was initiated by Centinel Spine, its Directors and related interested parties to circumvent those obligations, breach our contract and defraud us of the rightful compensation due to us as ordered by the U.K. High Court earlier this year.”
In August 2010, Surgicraft Ltd. defaulted on an order of the U.K. High Court to pay Paradigm BioDevices significant interim damages as a result of earlier being granted favorable rectification of their contract dispute. A final damages hearing, which was not contested by the defendants, was held in the U.K. earlier this month.
“Paradigm BioDevices has a long history of delivering innovative products to the orthopedic marketplace via a strong ethical code of conduct, and we will continue to do so,” said O’Neill. “All companies and parties involved will be held fully-accountable for any misdeeds and wrongdoing.”
About Paradigm BioDevices
Paradigm BioDevices, Inc. is a manufacturer of minimally invasive orthopedic and spinal instrumentation based in Boston, MA and a US national distributor of novel and zero profile℠ spinal fusion technologies. The privately held company was founded in 1997 and also markets the QuickDraw Bone Harvester®. For more information, visit www.paradigmbiodevices.com.