Healthcare Industry News: AngioDynamics
News Release - August 31, 2006
AngioDynamics Announces That Court Denies Diomed's Summary Motion for InfringementQUEENSBURY, N.Y.--(HSMN NewsFeed)--Aug. 31, 2006--AngioDynamics, Inc. (NASDAQ:ANGO ) today announced that the U. S. District Judge Nathaniel M. Gorton has ruled on summary judgment motions in the Diomed patent litigation in the Federal District Court in Massachusetts. In a sealed order dated August 30th, the Judge denied Diomed's request for summary judgment on patent infringement by AngioDynamics (the original complaint in this case) and also denied AngioDynamics' summary judgment motion of non-infringement, citing genuine issues of material fact. In defeating Diomed's motion, AngioDynamics pointed to the narrow scope of Diomed's patent and to the tenuous and circumstantial nature of its infringement claims. Separately, the Court granted Diomed's limited motion for summary judgment that its patent is valid and enforceable over certain prior art. As a result of the Judge's rulings, the case will now proceed to a jury trial. A trial date has not yet been scheduled by the Court.
In January 2004, Diomed, Inc., a subsidiary of Diomed Holdings, Inc., filed a lawsuit against the Company alleging patent infringement related to AngioDynamics' VenaCure(TM) product line. VenaCure is a laser system used for the treatment of severe varicose veins. The lawsuit involves a single U.S. patent, number 6,398,777, covering a specific method of endovascular laser treatment of varicose veins.
"While we are disappointed in the Judge's conclusion regarding the minor issues of validity and unenforceability, we are very pleased with the Court's construction of the patent claims and the views expressed on the issues of infringement. We look forward to successfully resolving this case at trial," commented Eamonn P. Hobbs, president and chief executive officer of AngioDynamics.
The VenaCure endovascular laser venous system is a patient friendly, minimally invasive alternative for the treatment of severe varicose veins. The VenaCure procedure, which lasts about 45 minutes, offers patients an effective outpatient alternative to surgical ligation and vein stripping. The Company markets and sells the VenaCure laser system throughout the United States.
AngioDynamics, Inc. (www.AngioDynamics.com) is a leading provider of innovative medical devices used by interventional radiologists, vascular surgeons and other physicians for the minimally invasive diagnosis and treatment of peripheral vascular disease. AngioDynamics designs, develops, manufactures, and markets a broad line of therapeutic and diagnostic devices that enable interventional physicians, such as interventional radiologists, vascular surgeons and others, to treat peripheral vascular diseases and other non-coronary diseases. The Company's diverse product line includes angiographic products and accessories, dialysis products, vascular access products, PTA products, oncology products, thrombolytic products and venous products.
The statements made in this document contain certain forward-looking statements that involve a number of risks and uncertainties. Words such as "expects," "intends," "anticipates," "plans," "believes," "seeks," "estimates," or variations of such words and similar expressions, are intended to identify such forward-looking statements. Investors are cautioned that actual events or results may differ from the Company's expectations. In addition to the matters described above, the ability of the Company to develop its products, future actions by the FDA or other regulatory agencies, results of pending or future clinical trials, overall economic conditions, general market conditions, market acceptance, foreign currency exchange rate fluctuations, the effects on pricing from group purchasing organizations, competition as well as the risk factors listed from time to time in the SEC filings of AngioDynamics, Inc., including but not limited to its Annual Report on Form 10-K for the year ended June 3, 2006, may affect the actual results achieved by the Company.
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