Diomed (AMEX:DIO)
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Diomed Holdings, Inc. (AMEX: DIO
- News), a leading
developer and marketer of minimally invasive medical technologies, today
announced that U.S. District Judge Nathaniel M. Gorton has granted
Diomed a permanent injunction against both AngioDynamics and Vascular
Solutions based on Diomed’s United States
Patent Number 6,398,777 regarding the endovascular laser treatment of
varicose veins.
In today’s ruling, Judge Gorton adopted Diomed’s
proposed order, granting a permanent injunction against AngioDynamics’
and Vascular Solutions’ infringing products
and any other products that are no more than “mere
colorable variations.”
“We are extremely pleased with Judge Gorton’s
ruling which prohibits the defendants from promoting, marketing and
selling their laser consoles or any disposable products that are used in
the endovenous treatment method covered by our patent,”
said James A. Wylie, President and CEO of Diomed. “Today’s
ruling is a huge win for Diomed. If the defendants’
recently modified products are mere colorable variations of those
already determined to infringe, then we will be in a position to file a
motion for a finding of contempt of court. Alternatively, if the devices
do not permit contact between the fiber tip and the vein wall, then
there is no long-term clinical evidence that such alternative approaches
will deliver sustained vein closure.”
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 $12.4 million in damages. The parties
have also stipulated to an additional $2.2 million representing
prejudgment interest and post-judgment sales that will be added to the
damages awarded by the jury.
Last month, Judge Gorton:
Denied the defendants’ motion for a new
trial;
Denied the defendants’ motion for judgment
as a matter of law to overturn the jury verdict; and
Denied the defendants’ request to reduce
the amount of the damages awarded by the jury.
Wylie further commented, “Normally, when a
medical device company introduces a new product or procedure, the launch
is based on extensive testing and sound clinical data. Any new product
that is claimed to avoid contact between the fiber and the vein wall
should be viewed as an entirely new procedure and thus should be subject
to the same levels of clinical scrutiny as EVLT®
when it was first introduced. Diomed believes that the defendants’
latest products were brought to market with only one objective
apparently in mind --- an attempt to get around our patent, and not
because they offer proven advantages to the physician or better outcomes
for the patient.”
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.