SINGAPORE, July 25, 2016
/PRNewswire/ -- QT Vascular Ltd., together with its
subsidiaries (the "Company" or "QT Vascular", and
together with its subsidiaries, the "Group"), is a global
company engaged in the design, assembly and distribution of
advanced therapeutic solutions for the minimally invasive treatment
of vascular disease. Further to the Company's announcements of
29 April 2015, 2 July 2015 and 8 July
2015 and media releases of 4 May
2015, 20 September 2015,
26 November 2015 and 11 February 2016, the Board of Directors of the
Company is pleased to provide an update in its ongoing litigation
with AngioScore, Inc. ("AngioScore") (now owned by
Spectranetics Corporation (NASDAQ: SPNC)).
On 21 July 2016, a unanimous
three-judge panel of the United
States Court of Appeals for the Federal Circuit (the
"Federal Circuit") reversed a district court judgement
awarding AngioScore more than US$20,000,000 in damages based on claims of
breach of fiduciary duty, aiding and abetting the breach and unfair
competition (the "State Law Claims"). The Federal
Circuit held that the district court erred as a matter of law when
it exercised subject matter jurisdiction over the State Law
Claims. Accordingly, the Federal Circuit ordered the district
court to dismiss the State Law Claims.
The aforesaid ruling on 21 July
2016 is a second win for the Group at the Federal Circuit
this year, and it leaves unchanged the previous positive judgement
that Chocolate® PTA does not infringe any of the asserted claims of
United States Patent No. 7,691,119 ("'119 patent") and that
all asserted claims of the '119 patent by AngioScore are invalid as
obvious over the prior art.
"I am delighted that we won this appeal as it validates the
stand taken by the Group since the start of this litigation with
AngioScore," stated Dr Eitan
Konstantino, PhD, Chief Executive Officer of QT
Vascular.
About QT Vascular Ltd. (SGX Stock code: 5I0)
QT Vascular Ltd. together with its subsidiaries ("QT
Vascular" or the "Group"), is an emerging leader in the
development and commercialization of next generation minimally
invasive products for the treatment of complex vascular disease. QT
Vascular works closely with leading physicians and scientists from
around the world to create differentiated devices that improve
procedural and clinical outcomes.
QT Vascular is based in Singapore with a US subsidiary, TriReme
Medical LLC ("TriReme Medical"), based in Pleasanton, California. TriReme Medical's
range of percutaneous transluminal angioplasty ("PTA") and
percutaneous transluminal coronary angioplasty ("PTCA")
products include (i) Chocolate® PTA Balloon Catheter,
(ii) Chocolate® PTCA Balloon Catheter, (iii)
GliderXtremeTM PTA Balloon Catheter, (iv)
GliderfleX® PTA Balloon Catheter and (v)
GliderTM PTCA Balloon Catheter, all of which have the CE
mark that allows them to be sold in Europe, and FDA clearance to be sold in
the United States. Additionally,
the GliderXtremeTM PTA Balloon Catheter has the
regulatory clearance in China and
Japan, while the
GliderTM PTCA Balloon Catheter has the regulatory
clearance in Japan. These products
are sold by the Group's direct sales team and through its main
distributors: (i) Cordis Corporation (a wholly-owned subsidiary of
Cardinal Health, Inc.), (ii) Shandong Weigao Group Medical Polymer
Co Ltd and (iii) Century Medical, Inc.
The Group's drug coated version of the Chocolate® PTA
Balloon Catheter, Chocolate Touch®, and the
Chocolate® PTCA Balloon Catheter, Chocolate Heart™, have
the CE mark that allows them to be sold in Europe.
For more information, please visit the company website at
www.qtvascular.com
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SOURCE QT Vascular Ltd.