Court Rules for Diomed; Diomed Wins Motion on Validity and Enforceability of EVLT(R) Patent; Trial on Infringement Expected
August 31 2006 - 8:43AM
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(R)) for varicose veins,
today announced that U.S. District Judge Nathaniel M. Gorton has
ruled that Diomed's U.S. Patent No. 6,398,777 is valid and
enforceable. In granting Diomed's motion for summary judgment; the
court rejected defenses advanced by defendants AngioDynamics and
Vascular Solutions that Diomed's patent was invalid and
unenforceable. The court denied separate motions by each of the
parties for summary judgment on the issue of infringement by the
defendants, in effect ruling that Diomed is entitled to proceed to
trial on its claims for an injunction and damages against the
defendants. 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 actions against Vascular Solutions
and two other competitors later in 2004. "We are extremely pleased
with Judge Gorton's decision to grant Diomed's motions on
enforceability and validity and look forward to proceeding to trial
on infringement," stated James A. Wylie, Jr., President and Chief
Executive Officer of Diomed Holdings, Inc. "We now expect that the
time until we begin trial has been accelerated, and that the only
issues at trial will be limited to those relating to infringement
and damages." Further details regarding the decision will be made
available upon its release by the court for publication. About
Diomed Diomed develops and commercializes minimal and
micro-invasive medical procedures that use its proprietary laser
technologies and disposable products. Diomed's EVLT(R) 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(R) 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(R) 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(R) 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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