Healthcare Industry News: AngioDynamics
News Release - May 9, 2007
Court Sets Injunction Hearing Date in Diomed EVLT Patent LitigationANDOVER, Mass.--(HSMN NewsFeed)--Diomed Holdings, Inc. (AMEX: DIO ), a leading developer and marketer of minimally invasive medical technologies, including its patented EndoVenous Laser Treatment (EVLTŪ) for varicose veins, today announced that U.S. District Judge Nathaniel M. Gorton has set May 22, 2007 as the date to hear oral arguments for a permanent injunction against both AngioDynamics and Vascular Solutions selling products that infringe Diomed's United States Patent Number 6,398,777 regarding the endovascular laser treatment of varicose veins.
In January 2004, Diomed commenced legal action in the United States Federal District Court for the District of Massachusetts against AngioDynamics, seeking injunctive relief and damages for infringement of Diomed's pioneering "777" patent. Diomed initiated similar infringement actions against Vascular Solutions and two other competitors later in 2004. In August 2006, Judge Gorton ruled that Diomed's '777 patent is both valid and enforceable and, in the trial ending on March 28, 2007, the jury found AngioDynamics and Vascular Solutions liable for both inducing infringement and contributory infringement of Diomed's patent, awarding Diomed a total of $12.4 million in damages.
In addition to hearing Diomed's motion for a permanent injunction, Judge Gorton will hear arguments for all the pending motions, including the defendants' motions for a new trial or judgment as a matter of law and Diomed's motions for prejudgment interest and post-judgment damages.
"We were obviously extremely pleased with the jury's verdict in this critical case and look forward to the injunction hearing later this month," stated James A. Wylie, Jr., President and Chief Executive Officer of Diomed Holdings, Inc. "A permanent injunction, if granted, will require both companies to cease marketing their infringing products. We are hopeful for an early ruling from the court which will allow us to focus our efforts on growing this exciting market."
Diomed develops and commercializes minimal and micro-invasive medical procedures that use its proprietary laser technologies and disposable products. Diomed's EVLTŪ laser vein ablation procedure is used in varicose vein treatments. Diomed also provides photodynamic therapy (PDT) for use in cancer treatments, and dental and general surgical applications. The EVLTŪ procedure and the Company's related products were cleared by the United States FDA in January of 2002. Along with lasers and single-use procedure kits for its EVLTŪ laser vein treatment, the Company provides its customers with state of the art physician training and practice development support. Additional information is available on the Company's website: www.evlt.com.
EVLTŪis a registered trademark of Diomed Inc., Andover, MA.
Safe Harbor statements under the Private Securities Litigation Reform Act of 1995: Statements in this news release looking forward in time involve risks and uncertainties, including the risks associated with trends in the products markets, reliance on third party distributors in various countries outside the United States, reoccurring orders under OEM contracts, market acceptance risks, technical development risks and other risk factors. These statements relate to our future plans, objectives, expectations and intentions. These statements may be identified by the use of words such as "may," "will," "should," "potential," "expects," "anticipates," "intends," "plans," "believes" and similar expressions. These statements are based on our current beliefs, expectations and assumptions and are subject to a number of risks and uncertainties. Our actual results could differ materially from those discussed in these statements. Our 2006 Annual Report on Form SEC 10-KSB (the "Annual Report") contains a discussion of certain of the risks and uncertainties that affect our business. We refer you to the "Risk Factors" on pages 19 through 34 of the Annual Report for a discussion of certain risks, including those relating to our business as a medical device company without a significant operating record and with operating losses, our risks relating to our commercialization of our current and future products and applications and risks relating to our common stock and its market value. Diomed disclaims any obligation or duty to update or correct any of its forward-looking statements.
Source: Diomed Holdings
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