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While on the faculty of Tulane, petitioner designed an
artificial heart valve constructed from carbon-based materials.
In 1978, petitioner’s work brought him into contact with Dr. Russ
Chambers (Dr. Chambers). Shortly after they met, petitioner and
Dr. Chambers organized Hemex, Inc. (Hemex), for the purpose of
producing artificial heart valves. In 1980, petitioner resigned
from Tulane to become president of Hemex. Dr. Chambers was
chairman of the board. Hemex developed an all-carbon heart
valve replacement that was approved by the Food and Drug
Administration. On December 16, 1986, the assets of Hemex were
acquired by Baxter Healthcare Corp. (Baxter), a company involved
in the production and marketing of artificial heart valves.
On December 27, 1986, petitioner and Tellurogenic, an
entity created and controlled by Dr. Chambers, formed and
became general partners in Archimedes Partnership (Archimedes).
Initially, Tellurogenic served as managing general partner of
Archimedes. The original capital structure of Archimedes
consisted of petitioner’s contribution of $3.065 million in
cash and Tellurogenic’s contribution of 75,000 shares of Dews
Laboratories, Inc.1 According to Archimedes’s amended articles
1 The value of this stock at the time of its contribution
cannot be determined from the record.
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