Irvine-based medical device maker, Masimo Corp. said it settled a lawsuit pertaining its blood monitoring device technology with Respironics Inc. The latter is a unit of Royal Philips Electronics, Netherlands. As per the settlement, both the companies will dismiss all claims and counterclaims against each other.

Masimo said in a a statement, ‘Respironics and Masimo have agreed upon a schedule for the phase-out of the MARS oximetry technology that was in dispute.’ Masimo’s Rainbow SET medical device which measures oxygen and blood constituents, uses the aforesaid technology over which the companies were fighting.

Masimo which makes devices used to monitor patients’ oxygen and other levels has a recent market value of $1.4 billion. Its shares had closed at $24.27 Thursday on Nasdaq .

This entry was posted on Tuesday, July 21st, 2009 at 10:01 am and is filed under Venture Capital News. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.