Endocardial Solutions Intends to Vigorously Defend Patent Infringement Claims
October 15 2004 - 6:22PM
PR Newswire (US)
Endocardial Solutions Intends to Vigorously Defend Patent
Infringement Claims ST. PAUL, Minn., Oct. 15 /PRNewswire-FirstCall/
-- Endocardial Solutions, Inc. (NASDAQ:ECSI) announced today that a
lawsuit has been filed against it by Biosense Webster, Inc., a
subsidiary of Johnson & Johnson, alleging that the Endocardial
Solutions EnSite(R) mapping and navigation system, including its
EnSite NavX (TM) surface electrode product, infringe certain
Biosense Webster patents. The suit, which was filed in the U.S.
Federal District Court in Los Angeles, California, seeks monetary
damages and injunctive relief. On September 23, 2004, Endocardial
Solutions and St. Jude Medical Inc. (NYSE:STJ) jointly announced
the signing of a definitive agreement whereby St. Jude Medical will
acquire Endocardial Solutions, Inc. for $11.75 per share in cash
consideration, representing an aggregate purchase price of
approximately $273 million. James W. Bullock, President and Chief
Executive Officer of Endocardial Solutions, stated, "We will
vigorously defend our EnSite products and technology. We find the
timing of this lawsuit to be very curious. The Biosense Webster
patents cited in this lawsuit were issued between 1995 and 1998.
Our EnSite System has been in the U.S. market since 1999, but no
lawsuit was filed until St. Jude Medical announced its intention to
acquire Endocardial Solutions. St. Jude Medical has been made aware
of this lawsuit, and both Endocardial Solutions and St. Jude
Medical continue to press forward to close this transaction as soon
as possible." Based in St. Paul, Minnesota, Endocardial Solutions (
http://www.endocardial.com/ ) develops, manufactures and markets
the EnSite System used for the diagnostic mapping of arrhythmias
(abnormally rapid heartbeats caused by irregular electrical
activity in the heart) with a 3D graphical display of the heart's
electrical activity, and the navigation and localization of
conventional catheters (diagnostic or therapeutic) used during
electrophysiology procedures. The U.S. Food and Drug Administration
cleared the EnSite System for use in diagnostic mapping of complex
arrhythmias in the right atrium of the heart during the second
quarter of 1999, and cleared the EnSite NavX Surface Electrode Kit
to display the position of conventional electrophysiology catheters
in any chamber of the heart in the second quarter of 2003. This
press release contains forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995.
Such statements include, but are not limited to, statements about
the pending transaction between St. Jude Medical, Inc. ("St. Jude
Medical") and Endocardial Solutions, Inc. ("ESI"). Such statements
are based upon the current beliefs and expectations of St. Jude
Medical's and ESI's management and are subject to significant risks
and uncertainties. Actual results may differ from those set forth
in the forward-looking statements. The following factors, among
others, could cause actual results to differ from those set forth
in the forward-looking statements: the ability to obtain the
approval of the transaction by ESI's stockholders; the ability to
satisfy other closing conditions; the risk that the businesses will
not be integrated successfully; the risk that the cost savings from
the transaction may not be fully realized or may take longer to
realize than expected; the ability to develop and execute
comprehensive plans for asset rationalization; disruption from the
transaction making it more difficult to maintain relationships with
customers, employees or suppliers; increased competition and its
effect on pricing, spending, third-party relationships and
revenues; and the risk of new and changing regulation in the U.S.
and internationally. Additional factors that could cause ESI's
results to differ materially from those described in the
forward-looking statements can be found in the 2003 Annual Report
on Form 10-K of ESI filed with the Securities and Exchange
Commission and available at the Securities and Exchange
Commission's Internet site ( http://www.sec.gov/ ). ESI will file a
proxy statement in connection with its special meeting to approve
the proposed transaction. Stockholders are urged to read the proxy
statement regarding the proposed transaction when it becomes
available, because it will contain important information. ESI, its
executive officers and directors may be deemed to be participants
in the solicitation of proxies in connection with the proposed
transaction. Information regarding ESI's directors and executive
officers is available in its proxy statement filed with the SEC on
April 22, 2004. Other information regarding the participants in the
proxy solicitation and a description of their direct and indirect
interests, by security holdings or otherwise, will be included in
the proxy statement and other relevant materials to be filed with
the SEC when they become available. Stockholders will be able to
obtain a free copy of the proxy statement, as well as other filings
containing information about St. Jude Medical and ESI, without
charge, at the Securities and Exchange Commission's Internet site (
http://www.sec.gov/ ). Copies of the proxy statement and the
filings with the SEC that will be incorporated by reference in the
proxy statement can also be obtained, without charge, by directing
a request to Endocardial Solutions, Inc., 1350 Energy Lane, Suite
110, St. Paul, Minnesota 55108, Attention: Secretary, or by
telephone at (651) 523-6900. DATASOURCE: Endocardial Solutions,
Inc. CONTACT: Jim Bullock, President & CEO, +1-651-523-6928, ,
or J. Robert Paulson, CFO, +1-651-523-6916, , or Brenda Gutzke,
Investor Relations, +1-651-523-6959, , all of Endocardial Solutions
Web site: http://www.endocardial.com/
Copyright
SJM (NYSE:STJ)
Historical Stock Chart
From Aug 2024 to Sep 2024
SJM (NYSE:STJ)
Historical Stock Chart
From Sep 2023 to Sep 2024