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 that U.S. District Judge Nathaniel
M. Gorton has set March 12, 2007 as the trial date for commencement of
trial in the pending litigation to enforce Diomed’s
U.S. Patent No. 6,398,777 against both AngioDynamics and Vascular
Solutions.
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 United States Patent Number 6,398,777 which covers
the endovascular laser treatment of varicose veins. Diomed acquired
exclusive rights to the patent from the five inventors of the procedure
in September 2003. Diomed initiated similar infringement actions against
Vascular Solutions and two other competitors later in 2004.
In August of this year Judge Gorton ruled that Diomed’s
‘777 patent is both valid and enforceable,
limiting the issues to be heard at trial to infringement and damages.
Specifically, in addition to injunctive relief and recovery of legal
costs, Diomed intends to seek direct damages of approximately $17.4
million. Additionally, should the jury find the defendants “willfully”
infringed on Diomed’s patent, any award could
be subject to treble damages.
“We are pleased with the date that the court
has chosen and look forward to proceeding to trial,”
stated James A. Wylie, Jr., President and Chief Executive Officer of
Diomed Holdings, Inc. “Having invested nearly
$10 million in the acquisition and litigation of our EVLT®
intellectual property, we fully intend to protect our patent against
those who infringe upon Diomed’s legal
rights. We look forward to seeing this case to its just and timely
conclusion.”
About Diomed
Diomed develops and commercializes minimal and micro-invasive medical
procedures that use its proprietary laser technologies and disposable
products. Diomed’s EVLT®
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®
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®
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® 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 Annual Report on Form SEC
10-KSB/A (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 23 through 38 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.