Court Sets Trial Date in Diomed EVLT Patent Litigation
08 Diciembre 2006 - 2:42PM
Business Wire
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.
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