Healthcare Industry News: Diomed
News Release - October 30, 2007
Diomed Comments on Pretrial Motions in VNUS 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 (EVLT(R)) for varicose veins, today announced that District Judge Maxine M. Chesney of the U.S. District Court for the Northern District of California has issued several pretrial orders relating to the patent infringement lawsuit by VNUS Medical Technologies, Inc. ("VNUS") against Diomed and its co-defendants, Angio-Dynamics, Inc. and Vascular Solutions, Inc.
In the recent rulings, Judge Chesney denied both VNUS’s motion for a pretrial ruling that the patents were infringed and the defendants’ motion for a pretrial ruling on patent validity. She also denied Diomed’s request for summary judgment that its alleged infringement was not willful, potentially subjecting Diomed to treble damages should the jury find at trial that Diomed has willfully infringed VNUS’ patents. By denying the summary judgment motions, the judge did not resolve any of the underlying issues, but ruled that they should be decided by the jury.
Judge Chesney also considered a number of “motions in limine” to exclude evidence. VNUS had filed five such motions, and Diomed and its co-defendants seven. Although these rulings many not be indicative of the trial’s ultimate outcome, Judge Chesney denied all five of VNUS’s motions and granted five of the defendants’ motions in their entirety, denied one motion and granted one motion in part.
The trial, originally scheduled to commence on October 29, 2007, has been delayed based on a conflict in the court’s schedule. A further status conference has been set for December 7, 2007, at which time the judge may set a trial date or may defer doing so until later.
“We are pleased to have received a number of favorable evidentiary rulings in the recent hearings, and we are eagerly looking forward to commencing the trial to favorably resolve those pending issues of fact,” stated James A. Wylie, Diomed’s President and Chief Executive Officer. “We are looking forward to establishing once and for all that Diomed does not infringe the VNUS patents, and that their patents are both invalid and unenforceable.”
Diomed develops and commercializes minimal and micro-invasive medical procedures that use its proprietary laser technologies and disposable products. Diomed's EVLT(R) 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 EVLT(R) 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 EVLT(R) 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.
EVLT(R) is 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.
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