Diomed (AMEX:DIO)
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From Jun 2019 to Jun 2024
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.