Settlement Reached in I-Flow Patent Case

I-Flow Corp., a Lake Forest developer of low-cost ambulatory infusion systems, said Thursday that it has signed a contingent agreement to settle its lawsuit against a small Minnesota company.

I-Flow and Novacon Corp. in Lake Elmo, Minn., said in separate press releases that the settlement will take the place of a $1.3-million judgment awarded to I-Flow in its patent infringement case over a Novacon drug infusion balloon.

Under the settlement and mutual release, I-Flow could receive $144,000 plus about 2.5% of the outstanding shares of Novacon following Novacon’s proposed acquisition of a Minnesota e-commerce company, Your.Net Inc.