CARDIOGENESIS CORP
8-K, 1999-01-22
ELECTROMEDICAL & ELECTROTHERAPEUTIC APPARATUS
Previous: FACTSET RESEARCH SYSTEMS INC, 3, 1999-01-22
Next: RADIANCE MEDICAL SYSTEMS INC /DE/, 8-K, 1999-01-22



<PAGE>   1

                       SECURITIES AND EXCHANGE COMMISSION

                              WASHINGTON, DC 20549
                                    ________

                                    FORM 8-K
                                 CURRENT REPORT

                        PURSUANT TO SECTION 13 OR 15(d)
                     OF THE SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of Earliest Event Reported): January 6, 1999


                           CARDIOGENESIS CORPORATION
- -------------------------------------------------------------------------------
             (Exact name of registrant as specified in its charter)


        Delaware                   0-228424                      77-0352469
- -------------------------------------------------------------------------------
(State of Incorporation    (Commission File Number)           (I.R.S. Employer
    or Organization)                                         Identification No.)


540 Oakmead Parkway, Sunnyvale, California                          94086
- -------------------------------------------------------------------------------
 (Address of principal executive offices)                         (Zip Code)



Registrant's telephone no., including area code: (408) 328-8500



                                 NOT APPLICABLE
- -------------------------------------------------------------------------------
         (Former name or former address, if changed since last report)







<PAGE>   2
Item 5. Other Events.

Settlement of Patent Litigation

        On January 6, 1999, CardioGenesis Corporation (the "Company") issued a
press release announcing the settlement of all patent litigation between the
Company and PLC Medical Systems, Inc. ("PLC"), a subsidiary of PLC Systems Inc.
both in the U.S. and Germany, with respect to PLC's U.S. Patent No. 5,125,926
and related international patents. The press release is attached hereto as
Exhibit 99.1.

        The Exhibit hereto is incorporated by reference herein and forms an 
integral part hereof.


Item 7. Financial Statements and Exhibits.

<TABLE>
<CAPTION>
                Exhibits.
                <S>             <C>
                     99.1       Press Release dated January 6, 1999.
</TABLE>



                                       2
<PAGE>   3
                                   SIGNATURE

     Pursuant to the requirements of the Securities Exchange Act of 1934, the 
registrant has duly caused this report to be signed on its behalf by the 
undersigned thereunto duly authorized.

                                        CARDIOGENESIS CORPORATION

                                        /s/ Richard P. Powers
                                        -----------------------------------
                                        Richard P. Powers,
                                        Executive Vice President of Finance
                                        and Administration and
                                        Chief Financial Officer

Date: January 22, 1999
<PAGE>   4

                                 EXHIBIT INDEX


<TABLE>
<CAPTION>
Exhibit
- -------
<S>            <C>
 99.1          Press Release dated January 6, 1999.
</TABLE>

<PAGE>   1
                                                                    EXHIBIT 99.1

                  CARDIOGENESIS AND PLC SETTLE PATENT DISPUTE

SUNNYVALE, Calif., Jan. 6 - CardioGenesis Corporation (Nasdaq:CGCP) and PLC 
Medical Systems, Inc., a subsidiary of PLC Systems Inc. (Amex:PLC), announced 
today that they have settled all patent litigation between the companies, both 
in the U.S. and in Germany, with respect to PLC's U.S. Patent No. 5,125,926 and 
related international patents (PLC patents) for laser synchronization 
technology used in transmyocardial revascularization (TMR) procedures.

     Under the Settlement and License Agreement signed by the parties today, 
PLC grants CardioGenesis a non-exclusive worldwide license to the PLC patents. 
CardioGenesis will pay PLC a license fee, and minimum royalties, totaling $2.5 
million over an approximately forty-month period, with a running royalty 
credited against the minimums. CardioGenesis will take a charge to earnings of 
approximately $2.3 million in the fourth quarter of 1998 as the present value 
of the license fee and minimum royalties. Other financial terms were not 
disclosed.

     The Settlement and License Agreement does not apply to any products or 
technology that do not utilize the PLC patents nor does the agreement provide 
PLC rights to any CardioGenesis intellectual property. With respect to the 
previously announced pending business combination of CardioGenesis with Eclipse 
Surgical Technologies, Inc., neither Eclipse nor its products were the subject 
of the dispute. Eclipse TMR products do not use synchronization technology.

     CardioGenesis Corporation, based in Sunnyvale, Calif., develops, 
manufactures and markets proprietary systems including disposable products, to 
perform intraoperative transmyocardial revascularization, catheter-based 
percutaneous myocardial revascularization, and thoracoscopic transmyocardial 
revascularization, to treat patients afflicted with debilitating angina. 
CardoGenesis catheter systems and probes deliver laser energy to create 
channels in oxygen-deprived (ischemic) regions of the heart muscle 
(myocardium). CardioGenesis holds patents for systems and method of 
percutaneous myocardial revascularization, and transmyocardial 
revascularization, and has a number of patent applications pending worldwide. 
For more information on the company and its products, visit the CardioGenesis 
website at www.cardiogenesis.com.

     CONTACT: Allen W. Hill, President and CEO, or Richard P. Powers, Executive 
Vice President and CFO, 408-328-8500, both of CardioGenesis; or general 
information, Ann Trunko, or analysts, Kate Rajeck, 415-986-1591, both of The 
Financial Relations Board




© 2022 IncJournal is not affiliated with or endorsed by the U.S. Securities and Exchange Commission