Cardiovascular Systems Settles Employment Litigation
November 02 2010 - 4:05PM
Business Wire
Cardiovascular Systems, Inc. (CSI) (Nasdaq: CSII), announced
today that it has entered into a settlement agreement with ev3,
Inc., now part of Covidien plc. The agreement dismisses all claims
and counterclaims in the employment lawsuit between the two
companies. The litigation stems from a suit ev3 originally filed
against CSI in 2007 related to employees who joined CSI from
ev3.
Pursuant to the agreement, CSI will pay ev3 $1.0 million, in the
form of $750,000 cash and a $250,000 promissory note, due by
January 1, 2014. CSI will receive insurance proceeds of $500,000
related to the settlement. Neither party admits any liability or
wrongdoing.
“Reaching a settlement in this lawsuit is in the best interest
of CSI,” said David L. Martin, CSI president and chief executive
officer. “By resolving this issue, we can move forward and focus on
our business and growth opportunities, without the distractions and
expense of prolonged litigation.”
About Cardiovascular Systems, Inc.
Cardiovascular Systems, Inc., based in St.
Paul, Minn., is a medical device company focused on developing and
commercializing interventional treatment systems for vascular
disease. The company’s Diamondback 360® and Diamondback Predator
360™ PAD Systems treat calcified and fibrotic plaque in arterial
vessels throughout the leg in a few minutes of treatment time, and
address many of the limitations associated with existing surgical,
catheter and pharmacological treatment alternatives. As many as 12
million Americans suffer from peripheral arterial disease (PAD),
which is caused by the accumulation of plaque in peripheral
arteries (commonly the pelvis or leg) reducing blood flow. Symptoms
include leg pain when walking or at rest, and can lead to tissue
loss and eventually limb amputation. In August 2007, the U.S. FDA
granted 510(k) clearance for the use of the Diamondback 360° as a
therapy for PAD, and CSI commenced a U.S. product launch in
September 2007. Since then, nearly 30,000 procedures have been
performed using the Diamondback 360° in leading institutions across
the United States. For more information visit the company’s Web
site at www.csi360.com.
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