Healthcare Industry News: Vascular Solutions
News Release - January 22, 2008
Defendant in Diomed Patent Litigation Files for Chapter 11 ProtectionANDOVER, 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 Total Vein Solutions (TVS), a defendant in Diomedís continuing efforts to enforce its U.S. Patent Number 6,398,777, has filed for Chapter 11 bankruptcy protection.
Diomed commenced legal action in the U.S. Federal District Court for the District of Massachusetts against Total Vein Solutions seeking injunctive relief and damages for infringement of Diomed's '777 patent in 2004. In a separate action ending on March 28, 2007, the jury found defendants AngioDynamics, Inc. and Vascular Solutions, Inc liable for both inducing infringement and contributory infringement of Diomed's patent. The court subsequently granted Diomed a permanent injunction against both defendants and awarded Diomed a total of $14.7 million in damages.
On January 17, 2008, prior to a hearing at which the court was expected to rule on Diomedís motion for an injunction against TVSí sales of products that Diomed believes infringes its Ď777 patent, TVS filed for protection under Chapter 11 of the US Bankruptcy Code.
"This represents yet another success in our efforts to defend our pioneering Ď777 patent regarding the treatment of varicose veins," said James A. Wylie, President and CEO of Diomed. "We believe that by taking this action, TVS has acknowledged the strength of Diomedís case."
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.
Source: Diomed Holdings
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