CONMED Corporation Announces Jury Verdict in Delaware Litigation Against SurgiQuest
April 11 2017 - 6:40PM
Business Wire
CONMED Corporation (NASDAQ:CNMD) today announced that a
jury in the United State Federal District Court for the District of
Delaware returned a verdict finding CONMED’s subsidiary,
SurgiQuest, liable for $2.2 million in compensatory damages with an
additional $10.0 million in punitive damages. The jury verdict
relates to the litigation between SurgiQuest and Lexion Medical LLC
that CONMED acquired in connection with its acquisition of
SurgiQuest, as disclosed in CONMED’s Form 10-K dated February 27,
2017. The litigation first began in 2013, prior to CONMED’s
acquisition of SurgiQuest in January 2016. The underlying claims
are that SurgiQuest previously engaged in false advertising in
marketing literature related to the AirSeal® system.
“While we are disappointed in the jury’s verdict, we intend to
pursue all post-trial and appellate remedies,” said Daniel S.
Jonas, Esq., CONMED’s Executive Vice President, Legal Affairs and
General Counsel. “This litigation will have no impact on the
availability of, or CONMED’s ability to distribute, our innovative
AirSeal® access port or the AirSeal® IFs unit.”
“While we respect the jury’s verdict, this litigation does not
take away from the outcomes experienced by the surgeons who have
used the AirSeal® in more than 600,000 surgeries to date. These
products are the most technologically advanced and provide the only
integrated access management system for robotic and laparoscopic
surgery on the global market,” said Curt R. Hartman, CONMED’s
President and Chief Executive Officer.
About CONMED Corporation
CONMED is a medical technology company that provides surgical
devices and equipment for minimally invasive procedures. The
Company’s products are used by surgeons and physicians in a variety
of specialties, including orthopedics, general surgery, gynecology,
neurosurgery and gastroenterology. CONMED has a direct selling
presence in 17 countries and international sales constitute
approximately 50% of the Company’s total sales. Headquartered in
Utica, New York, the Company employs approximately 3,300 people.
For more information, visit www.conmed.com.
Forward Looking Statements
This press release contains forward-looking statements based on
certain assumptions and contingencies that involve risks and
uncertainties, which could cause actual results, performance, or
trends to differ materially from those expressed in the
forward-looking statements herein or in previous disclosures. For
example, in addition to general industry and economic conditions,
factors that could cause actual results to differ materially from
those in the forward-looking statements may include, but are not
limited to, the risk factors discussed in the Company's Annual
Report on Form 10-K for the fiscal year ended December 31, 2016.
Any and all forward-looking statements are made pursuant to the
safe harbor provisions of the Private Securities Litigation Reform
Act of 1995 and relate to the Company’s performance on a
going-forward basis. The Company believes that all forward-looking
statements made by it have a reasonable basis, but there can be no
assurance that management’s expectations, beliefs or projections as
expressed in the forward-looking statements will actually occur or
prove to be correct.
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CONMED CorporationLuke A. Pomilio,
315-624-3202Chief Financial Officer
CONMED (NASDAQ:CNMD)
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