Pump delay spurs lawsuit between tech competitors. (Law).ALFRED Mann had to have seen this coming. Mann is co-chief executive and chairman of Valencia-based Advanced Bionics Inc., which has sued Medical Research Group for reneging on a contract to develop a neural neural /neu·ral/ (noor´al) 1. pertaining to a nerve or to the nerves. 2. situated in the region of the spinal axis, as the neural arch. neu·ral adj. 1. pump. He founded both companies and last year sold Medical Research to Medtronic Inc., which competes with Advanced Bionics. In a lawsuit filed Feb. 1 in Los Angeles Los Angeles (lôs ăn`jələs, lŏs, ăn`jəlēz'), city (1990 pop. 3,485,398), seat of Los Angeles co., S Calif.; inc. 1850. Superior Court, Advanced Bionics claims it made an agreement with MRG MRG Merge MRG Minority Rights Group International MRG Mad River Glen (Vermont) MRG Mouvement des Radicaux de Gauche (French: Left Radical Movement) MRG Manyetik Rezonans Görüntüleme in March 2000 to market and distribute a neural pump that treats pain by injecting medication through the spinal cord spinal cord, the part of the nervous system occupying the hollow interior (vertebral canal) of the series of vertebrae that form the spinal column, technically known as the vertebral column. . In August2001, Medtronic acquired MRG. Medtronic, which makes a similar neural pump, is the largest competitor to Advanced Bionics, said Jeff Greiner, president and co-chief executive of Advanced Bionics. In December, MRG said its neural pump would not be ready until 2006 at the earliest, instead of the original date of August 2002, Greiner said. If it were to develop the pump on its own, Advanced Bionics would have to incur To become subject to and liable for; to have liabilities imposed by act or operation of law. Expenses are incurred, for example, when the legal obligation to pay them arises. An individual incurs a liability when a money judgment is rendered against him or her by a court. more than $30 million in development costs, the suit said. The company has also paid MRG $1.5 million in up-front development costs and 200,000 shares of Advanced Bionics stock. No comment from Medtronic. |
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