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 ruled in favor of Diomed in today’s
post-trial hearing on Diomed’s United States
Patent Number 6,398,777 regarding the endovascular laser treatment of
varicose veins.
At today’s hearing, Judge Gorton considered
pending motions by defendants AngioDynamics and Vascular Solutions for
judgment as a matter of law or a new trial, and Diomed’s
motion for a permanent injunction. In his ruling, 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;
Denied the defendants’ request to reduce the
amount of the damages awarded by the jury; and
Ruled that Diomed is entitled to a permanent injunction against
infringement by the defendants.
The judge requested that the parties attempt to resolve the specific
wording of the Permanent Injunction. Absent agreement, the parties are
to file papers on the issue within one week and the judge will promptly
enter the Permanent Injunction thereafter.
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. Today the
parties have also stipulated to an amount representing prejudgment
interest and post-judgment sales that will be added to the damages
awarded by the jury.
“We were obviously pleased with the Judge’s
ruling on the post trial motions,” stated
James A. Wylie, Jr., President and Chief Executive Officer of Diomed
Holdings, Inc. “Though we anticipate that the
permanent injunction will be comprehensive, should the defendants
attempt to sell any “work arounds,”
we would expect to demonstrate in a separate contempt of court hearing
and upon successful completion of clinical studies, that the new
products are not “colorably different”
from their earlier products and therefore infringe Diomed’s
important ‘777 patent.”
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.