Healthcare Industry News: cryoablation
News Release - September 25, 2008
CryoCath Announces Settlement of Pending Suits with CryoCor, Inc. (Boston Scientific) and AMS Research Corp.MONTREAL, Sept. 25 (HSMN NewsFeed) - CryoCath® Technologies Inc. (TSX: CYT.TO ) announced today that it has resolved all outstanding patent suits among the company and Boston Scientific Corporation (NYSE: BSX ), its wholly-owned subsidiary, CryoCor, Inc., and CryoCor's co-plaintiff/co-defendant AMS Research Corporation. The companies have a number of court actions pending involving cryoablation systems in the United States and Canada and an International Trade Commission investigation each of which they have agreed to terminate.
As part of the settlement, the companies have agreed to mutual covenants that provide for all of the existing litigation to be withdrawn and an agreement by all parties not to sue each other in regards to certain other cryoablation-related intellectual property over the next twelve years. As part of the terms of the resolution, CryoCath has agreed to the payment of royalties on certain future products for a limited time. The companies have also agreed to permit the two Interference proceedings pending with the United States Patent and Trademark Office Board of Patent Appeals and Interferences to proceed, but regardless of the outcome, the surviving patent(s) will be subject to the covenants not to sue.
"We believe this is a positive and far-reaching resolution of the disputes among CryoCath, Boston Scientific and the related parties," said Jan Keltjens, President and CEO of CryoCath. "The resolution of these disputes reflects the value of CryoCath's intellectual property and allows us to focus our resources on driving our rapid business growth."
CryoCath - www.cryocath.com - is a medical technology company that leads the world in cryotherapy products to treat cardiac arrhythmias. With annual sales in excess of $40 million, its products are routinely used in more than 500 centers around the world. The Company's flagship product, Arctic Front®, is a minimally invasive cryo-balloon catheter designed specifically to treat Atrial Fibrillation, an emerging $2 billion market opportunity. Marketed in Europe and the subject of a pivotal study in the United States, Arctic Front has been used to treat 3,100 patients.
This press release includes "forward-looking statements" that are subject to risks and uncertainties, including with respect to the timing of regulatory trials and their outcome. For information identifying legislative or regulatory, economic, climatic, currency, technological, competitive and other important factors that could cause actual results to differ materially from those anticipated in the forward looking statements, see CryoCath's annual report available at www.sedar.com under the heading Risks and Uncertainties in the Management's Discussion and Analysis section.
Source: CryoCath Technologies
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