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 it has filed for a preliminary
injunction against Total Vein Solutions in its continuing effort to
enforce its U.S. Patent Number 6,398,777 covering the endovascular laser
treatment of varicose veins.
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 2006 hearing against AngioDynamics, Inc.
and Vascular Solutions, Inc., Judge Gorton of the same Federal District
Court ruled that Diomed’s ‘777
patent is both valid and enforceable. 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. Judge Gorton subsequently granted Diomed a permanent injunction
against both defendants and awarded Diomed a total of $14.7 million in
damages.
“We are very pleased with Judge Gorton’s
ruling which prohibits Angiodynamics and Vascular Solutions from
promoting, marketing and selling their infringing lasers and disposable
products,” said James A. Wylie, President and
CEO of Diomed. “Now that the Court has found
Diomed's patent to be valid and enforceable and a jury has found
competing contact-based laser fiber systems to infringe, we believe that
an immediate injunction that puts a stop to Total Vein Solutions' sales
of such infringing products would be timely and appropriate.”
The motion for a preliminary injunction against Total Vein Solutions was
also filed with Judge Gorton. The motion has been fully briefed and is
pending before the Court for decision.
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(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®
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 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.