Defendant in Diomed Patent Litigation Files for Chapter 11 Protection
22 Janvier 2008 - 5:24PM
Business Wire
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 Diomed�s
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 Diomed�s motion for an
injunction against TVS� sales of products that Diomed believes
infringes its �777 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 �777 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 Diomed�s case." About Diomed 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 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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