Healthcare Industry News: Ventana
News Release - August 17, 2007
Ventana Medical Systems Comments on Outcome of CytoLogix LitigationJury Rules In Favor Of Ventana In Anti-Trust Claims
TUCSON, Ariz.--(HSMN NewsFeed)--Ventana Medical Systems, Inc. (NASDAQ: VMSI ), the global leader in tissue-based cancer diagnostics, today announced that, in a proceeding in U.S. District Court in the Eastern District of Massachusetts, a jury determined Ventana is not liable for anti-trust claims brought by CytoLogix, Inc., and is liable for only approximately $10.8 million in patent infringement damages related to a 2003 decision which found that Ventana's Benchmark instrument (which is no longer manufactured) infringed two CytoLogix patents.
Christopher Gleeson, President and CEO of Ventana, said, "We are very pleased with the jury's determination that Ventana is not liable for any anti-trust damages to CytoLogix. While we are disappointed that there were patent infringement damages awarded at all, we are pleased that this litigation is now behind us and we can move forward with driving our business. In addition, with the Vision Systems settlement announced this morning, the net financial impact of today's announcements is substantially positive for the company and includes the elimination of considerable recurring legal expenses.
"We remain focused on building shareholder value by delivering on our commitment to supply the best possible diagnostic instruments and reagents to health care providers around the world, and helping to deliver on the promise of companion diagnostics and personalized medicine."
ABOUT Ventana MEDICAL SYSTEMS, INC.
Ventana develops, manufactures, and markets instrument/reagent systems that automate tissue preparation and slide staining in clinical histology and drug discovery laboratories worldwide. The Company's clinical systems are important tools used in the diagnosis and treatment of cancer and infectious diseases. Ventana's drug discovery systems are used to accelerate the discovery of new drug targets and evaluate the safety of new drug compounds.
SAFE HARBOR STATEMENT
This press release may contain certain forward-looking statements within the meaning of the federal securities laws. The Private Securities Litigation Reform Act of 1995 provides a safe harbor for forward-looking statements. These forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those expected, depending on a variety of factors, such as risks associated with the development, manufacturing, marketing, and sale of medical products, competitive factors, general economic conditions, legal disputes, and government actions. Please refer to our most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission (SEC), and all subsequent SEC filings, for a more detailed discussion of applicable risks and uncertainties.
Visit the Ventana Medical Systems, Inc. website at www.Ventanamed.com.
Source: Ventana Medical Systems
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