Healthcare Industry News: Patent foramen ovale
News Release - March 28, 2006
AGA Medical Corporation Announces Settlement of Patent Dispute with NMT MedicalMINNEAPOLIS, March 28 (HSMN NewsFeed) -- AGA Medical Corporation today announced that it has reached agreement with NMT Medical, Inc. (Nasdaq: NMTI ) to settle an outstanding patent dispute. In return for full and final settlement of all claims against AGA Medical and receipt of a fully-paid up, non-exclusive, worldwide license, AGA Medical has agreed to pay NMT Medical the sum of $30 million. The patent dispute alleged potential infringement by all of AGA's occluding devices including the AMPLATZER® Septal Occluder, AMPLATZER® PFO Occluder, AMPLATZER® Duct Occluder and AMPLATZER® VSD Occluders. This settlement will allow AGA to continue to manufacture and distribute all their occluding devices unencumbered by the potential of any further patent litigation from NMT.
"We are pleased to announce the settlement of this longstanding dispute under terms that are fair to both companies," said Franck Gougeon CEO of AGA Medical Corporation. "While we were confident of our position, the settlement means we avoid costly and inherently unpredictable patent litigation while allowing our management team to focus on expanding our well established leadership position in the interventional repair of structural heart defects."
ABOUT AGA MEDICAL: AGA Medical Corporation, based in Golden Valley, Minnesota (just outside Minneapolis) is the leader in developing interventional devices to treat structural heart defects. As a result of the many contributions and creative genius of Dr. Kurt Amplatz, the Company has developed and commercializes a series of devices that have revolutionized the treatment of the most common congenital "holes in the heart" such as atrial septal and Patent foramen ovale defects. Over 500 articles have been published in peer reviewed medical publications that support the benefits of AGA Medical devices including improved patient outcomes, reduced length of stay and accelerated recovery times for the patient. AGA Medical devices have received regulatory approval and are marketed in over 90 countries with over 175,000 devices shipped to date. For more information, visit http://www.amplatzer.com.
Source: AGA Medical
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