Healthcare Industry News: Sutura
News Release - December 21, 2006
Sutura Files Patent Infringement Lawsuit Against Abbott Laboratories and Perclose
FOUNTAIN VALLEY, CALIFORNIA--(Healthcare Sales & Marketing Network)--Dec 21, 2006 -- Sutura, Inc. ("Sutura") (OTC BB:SUTU.OB ), a California-based medical device company, announced today that it has filed a patent infringement lawsuit against Abbott Laboratories and its Perclose unit in the United States District Court for the Eastern District of Texas. In its Complaint filed December 21, 2006, Sutura asserts that Abbott and Perclose have been infringing on Sutura's patents for vascular and cardiovascular suturing.The Sutura SuperStitch vascular suturing device is a suture based device and is covered by numerous patents dating back to 1999. "We believe that Abbott and Perclose have gained well over $500 million in Closer related revenue at our expense," said David Teckman, President and CEO of Sutura. "We believe the Closer line of devices has directly hindered the sales growth of the SuperStitch products offered by Sutura."
In its case against Abbott and its Perclose Unit, Sutura is seeking unspecified damages, and a Court ordered injunction barring Abbott and Perclose from making, using, importing, selling, or offering for sale any device that infringes Sutura's patented SuperStitch technology. Sutura intends to aggressively protect and enforce its IP.
Teckman added, "Sutura on December 13, 2006 concluded an additional round of financing with Whitebox Advisers, a $1.8 billion hedgefund in Minneapolis which has been a major investor in Sutura since 2003."
About Sutura, Inc.
Sutura®, Inc. (www.Suturaus.com) is a medical device company that has developed a line of innovative, minimally invasive, vascular suturing devices to suture the puncture created in arteries during open surgery and catheter-based procedures. The Company's line of SuperStitch medical devices provide sutured closure of the arteriotomy site utilizing the existing catheter sheath introducer or cannula during fluoroscopically guided procedures and directly through the open arteriotomy during open surgical procedures.
Within the United States the 8F & 6F SuperStitch devices are available for use in performing vascular stitching in general surgery, including endoscopic procedures. It is not intended for blind closure of an arteriotomy site. The SuperStitch 8F & 6F is approved in the European Union and CE marked with the indication for use as follows: The SuperStitch is indicated for use in performing vascular stitching in general surgery, including endoscopic procedures. In the EU there is no requirement for the use of fluoroscopic guidance. Sutura's headquarters are in Fountain Valley, California. "Sutura®" and "SuperStitch®" are registered trademarks of Sutura, Inc.
Forward-Looking Information Is Subject to Risk and Uncertainty
Certain statements in this press release may contain projections or "forward-looking" information (as defined in the Private Securities Litigation Reform Act of 1995) that involve risk and uncertainty. The words "aim", "plan", "likely", "believe", "expect", "anticipate", "intend", "estimate", "will", "should", "could", "may", "appears", and other expressions that indicate future events and trends identify forward-looking statements. These statements are not guaranties of future performance and involve risks, uncertainties and assumptions that are difficult to predict. Forward-looking statements are based upon assumptions as to future events that may not prove to be accurate. Actual outcomes and results may differ materially from what we express or forecast in these forward-looking statements. As a result, these statements speak only as of the date they were made and we undertake no obligation to publicly update or revise any forward-looking statements. Our actual results and future trends may differ materially from our forward-looking statements depending on a variety of factors including the ability of the company to raise additional funds necessary for the continued operation of the company, acceptance of the SuperStitch® devices by medical providers and the marketplace in general and the success of the proposed sales and marketing plan , the ability of the company to establish a successful distribution relationship with a strategic partner, the continued growth of the vessel closure marketplace and the company's ability to continue to expand and protect its technology patents.
Source: Sutura
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