Healthcare Industry News: Smith & Nephew Endoscopy
News Release - November 20, 2008
US District Court Enters Final Judgment in Favor of Smith & Nephew; Permanent Injunction Prohibits Arthrex Inc. From Selling Infringing Medical DevicesANDOVER, Mass., Nov. 20 (Healthcare Sales & Marketing Network) -- A US District Court judge in Oregon yesterday ruled that it granted an injunction in favor of Smith & Nephew's (NYSE: SNN ; LSE: SN ) Endoscopy Division. This injunction prohibits privately held Arthrex Inc. of Naples, Fla., from manufacturing or selling medical devices that infringe a patent exclusively licensed to Smith & Nephew by Dr. John O. Hayhurst of Portland, Ore. The injunction takes effect 60 days following the final judgment (on January 18, 2009).
The injunction will not affect sales of current Arthrex PushLock anchors. During the case Arthrex stopped selling the infringing first generation PushLock anchors and replaced them with modified PushLock Anchors. Smith & Nephew and Dr. Hayhurst have filed a second lawsuit against Arthrex seeking an injunction against the newer versions of PushLock anchors as well as Arthrex's Bio-Composite SutureTak anchors.
In October the judge also granted Smith & Nephew prejudgment interest in the amount of $1.5 million and ruled that the court will award additional damages for Arthrex's infringement after 2005.
"We spend a significant amount of time and effort with surgeons to develop innovative technologies that provide real benefits to patients around the world," said Michael Frazzette, president of Smith & Nephew Endoscopy. "We are fully committed to defending our intellectual property from being infringed by Arthrex or any other companies that violate our rights."
The disputed patent covers use of Smith & Nephew's BIORAPTOR(TM), TAG(TM) WEDGE, and TAG ROD suture anchors, which are designed to help repair instability in the shoulder as well as other soft tissue tears. The Arthrex products that were found to infringe these patents are: Bio-SutureTak, PEEK SutureTak, and Bio-PushLock and PEEK PushLock suture anchors which are used in various soft tissue repair surgeries, including shoulder repair surgery.
Smith & Nephew is a global medical technology business, specialising in Orthopaedic Reconstruction, Orthopaedic Trauma and Clinical Therapies, Endoscopy and Advanced Wound Management products. Smith & Nephew is a global leader in arthroscopy and advanced wound management and is one of the leading global orthopaedics companies.
Smith & Nephew is dedicated to helping improve people's lives. The Company prides itself on the strength of its relationships with its surgeons and professional healthcare customers, with whom its name is synonymous with high standards of performance, innovation and trust. The Company operates in 32 countries around the world. Annual sales in 2007 were nearly $3.4 billion.
This press release contains certain "forward-looking statements" within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. In particular, statements regarding planned growth in our business and in our operating margins discussed under "Outlook" are forward-looking statements as are discussions of our product pipeline. These statements, as well as the phrases "aim", "plan", "intend", "anticipate", "well-placed", "believe", "estimate", "expect", "target", "consider" and similar expressions, are generally intended to identify forward-looking statements. Such forward- looking statements involve known and unknown risks, uncertainties and other important factors (including, but not limited to, the outcome of litigation and regulatory approvals) that could cause the actual results, performance or achievements of Smith & Nephew, or industry results, to differ materially from any future results, performance or achievements expressed or implied by such forward-looking statements. Please refer to the documents that Smith & Nephew has filed with the U.S. Securities and Exchange Commission under the U.S. Securities Exchange Act of 1934, as amended, including Smith & Nephew's most recent annual report on Form 20F, for a discussion of certain of these factors.
All forward-looking statements in this press release are based on information available to Smith & Nephew as of the date hereof. All written or oral forward-looking statements attributable to Smith & Nephew or any person acting on behalf of Smith & Nephew are expressly qualified in their entirety by the foregoing. Smith & Nephew does not undertake any obligation to update or revise any forward-looking statement contained herein to reflect any change in Smith & Nephew's expectation with regard thereto or any change in events, conditions or circumstances on which any such statement is based.
Source: Smith & Nephew
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