Healthcare Industry News: MicroStent
News Release - March 27, 2006
Judge Upholds Jury Verdicts on Cordis Patents Infringed by Boston Scientific and MedtronicMIAMI, March 27 (HSMN NewsFeed) -- Cordis Corporation, a Johnson & Johnson company, announced that U.S. District Judge Sue Robinson today upheld two March 2005 jury verdicts that Cordis' pioneering patents for balloon expandable stents were valid and infringed by Boston Scientific Corporation and Medtronic, Inc. stents.
The juries found Boston Scientific's NIR stent infringed Cordis' Palmaz patent and Medtronic's GFX and MicroStent II infringed both the Palmaz and Schatz patents. Today's ruling reinforces the strength of Cordis' deep patent estate on balloon expandable stents.
The verdicts last year were the second time that juries found infringement of the Cordis patents in these cases. In December of 2000, juries awarded Cordis damages of $324 million in the verdict against Boston Scientific and $270 million in the verdict against Medtronic. The court has deferred a final decision on damages.
Cordis Corporation, a Johnson & Johnson company, is a worldwide leader in developing and manufacturing interventional vascular technology. Through research, development and innovation, physicians worldwide are better able to treat the millions of patients who suffer from vascular disease. For more information about Cordis, please visit http://www.cordis.com.
(This press release contains "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995. These statements are based on current expectations of future events. If underlying assumptions prove inaccurate or unknown risks or uncertainties materialize, actual results could vary materially from the Company's expectations and projections. Risks and uncertainties include general industry conditions and competition; economic conditions, such as interest rate and currency exchange rate fluctuations; technological advances and patents attained by competitors; challenges inherent in new product development, including obtaining regulatory approvals; domestic and foreign health care reforms and governmental laws and regulations; and trends toward health care cost containment. A further list and description of these risks, uncertainties and other factors can be found in Exhibit 99(b) of the Company's Annual Report on Form 10-K for the fiscal year ended January 1, 2006. Copies of this Form 10-K are available online at http://www.sec.gov or on request from the Company. The Company assumes no obligation to update any forward-looking statements as a result of new information or future events or developments.)
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