Diomed (AMEX:DIO)
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Diomed Holdings, Inc. (AMEX: DIO
- News), a leading
developer and marketer of minimally invasive medical technologies,
including its patented EndoVenous Laser Treatment (EVLT®)
for varicose veins, today announced U.S. District Judge Nathaniel M.
Gorton’s ruling on Diomed’s
motion for contempt against AngioDynamics and Vascular Solutions based
on the continuing sales of certain laser consoles for the endovenous
treatment of varicose veins.
Judge Gorton confirmed the permanent injunction that he originally
entered in July 2007 against AngioDynamics and Vascular Solutions
covering the sale of both those lasers that were the subject of the
infringement proceeding and those that are no more than “colorable
variations” of those laser consoles. Judge
Gorton did not extend the injunction to those lasers that are being sold
with modified versions of the competitors’
disposable procedure kits. Diomed did not request that the court rule on
whether the modified kits themselves infringed Diomed’s
patent.
In January 2004, Diomed commenced legal action in the United States
Federal District Court for the District of Massachusetts against
AngioDynamics, seeking injunctive relief and damages for infringement of
Diomed's pioneering "777" patent. Diomed initiated similar infringement
actions against Vascular Solutions and two other competitors later in
2004. In August 2006, Judge Gorton ruled that Diomed's '777 patent is
both valid and enforceable and, in the trial ending on March 28, 2007,
the jury found AngioDynamics and Vascular Solutions liable for both
inducing infringement and contributory infringement of Diomed's patent,
awarding Diomed a total of $14.7 million in damages.
"Although the Court was not prepared to find at this time that the
Defendants are in contempt of the injunction, it did reaffirm that they
are prohibited from selling laser consoles for use with kits found by
the jury to infringe,” said James A. Wylie,
President and CEO of Diomed. “We remain
concerned that the modified kits recently launched by the defendants are
being sold with little or no long term clinical data. The existing
permanent injunction continues to prohibit the defendants from
promoting, marketing or selling bare tipped fibers for use in the
procedure --- and we continue to gain customers who have been
disappointed with the results they received by utilizing their modified
kits.”
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.