Medical-device company, Chromogenex has been sued by a leading New York PR company – 5W –for nearly $100,000 plus legal fees and damages due to non-payment.
According to media reports, Chromogenex is owned primarily by Squadron Capital, an “investment vehicle headquartered in Connecticut”, whose primary investor has been identified as Jennifer Pritzker, the billionaire investor and philanthropist.
In November 2014 it was reported that Squadron Capital, a specialist medical technology investor invested significant funds to help grow the company, including “capital for marketing and research and development, as it look to exploit double digital growth in lucrative marketplaces such as the Far East and South America.”
The company also faces a lawsuit from YOLO Medical Inc in the California Central District Court for patent infringement: Chromogenex Technologies Ltd., Chromogenex US, Inc., Strawberry – Laser Lipo Ltd., Lilia Enterprises, LLC., Lipolaser Centers of America, One Source Media, Brandon Robinson, Jon Perlman, M.D., David Halpern, M.D., Leonard Grossman, M.D., Stephen Ronan, M.D., F.A.C.S. and VB Laser Trim Clinic.
At the time, the CEO of Yolo Medical said, “This is an unfortunate, yet necessary action that we must undertake in order to protect our customers, our intellectual property, our brand, our technology, and years of work and dedication that YOLO has invested in establishing itself and its technology.”
The lawsuit filed in the Supreme Court of New York by Zinkovetsky Law Firm alleges that the $10,000 per month has been in agreement since 2011, with a fee escalation in 2015 for $12,500.
Chromogenex highlights media on their homepage, and are described as the “…leading manufacturer of aesthetic & cosmetic laser devices for the medical & cosmetic industries. Our laser devices include: i-Lipo non-invasive laser fat reduction, Phaser IPL hair removal & Regenlite laser skin rejuvenation / acne scarring treatment.”