Spectranetics takes Thermopeutix to court over distribution deal

August 13, 2013 by Sony Salzman

Spectranetics sues after Thermopeutix drops out of a distribution agreement for the Tapas catheter.

Spectranetics logo

Spectranetics (NSDQ:SPNC) and Thermopeutix are engaged in a full-on legal battle over the Tapas catheter, an infusion system the companies agreed sell using pooled resources in a distribution deal inked in late 2011.

Now Spectranetics is suing San Diego-based Thermopeutix for attempting to cancel the deal. Thermopeutix accused its onetime partner of using the Tapas trademark incorrectly in spiking their deal, according to a regulatory filing.

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Thermopeutix owns the Tapas mark, but per the recently soured deal, Spectranetics was in charge of sales and marketing for the device.

Colorado-based Spectranetics filed suit in the 4th Judicial District of its home state, claiming all of its marketing activities were kosher based on the fine print of the distribution deal.

But Spectranetics said it would stop selling the product Sept. 1. The company also said Tapas raked in $50,000 to $100,000 per quarter, or about 0.25% of Spectranetics' total quarterly revenues, according to an SEC filing.