Retractable Technologies, Inc. Reports Final Judgment & Permanent Injunction in Patent Litigation Suit & Litigation Fee Arran...
May 24 2010 - 12:54PM
Business Wire
Retractable Technologies, Inc. (NYSE AMEX: RVP), a leading maker
of safety medical devices, reported it has received the Final
Judgment and Permanent Injunction and an Order in its patent
litigation against Becton, Dickinson and Company (“BD”).
The United States District Court for the Eastern District of
Texas, Marshall Division entered judgment for the plaintiff,
Retractable Technologies, Inc. (“RTI” or “Company”) and against the
defendant, BD. The infringing products are BD’s 1mL and 3mL Integra
syringes. The Court also entered judgment for RTI and against BD
for BD’s counter claims for declaratory judgment of
non-infringement, invalidity, and unenforceability.
The Court also ordered that RTI shall recover from BD $5,000,000
with prejudgment interest from March 2002 through trial.
The Court ordered a permanent injunction for the 1mL and 3mL
Integra until the expiration of certain patents. However, the
permanent injunction is stayed for the longer of the exhaustion of
an appeal of this case or twelve months from the date of the Order,
which is May 19, 2010.
The Court retains jurisdiction to enforce any and all aspects of
the Judgment and Permanent Injunction. Further the Court retains
jurisdiction to award RTI amounts for supplemental damages,
interest, costs, attorneys’ fees and such other relief as may be
just and proper. The Final Judgment is appealable.
RTI is also pleased to announce that we have reached an
agreement with our counsel, Locke Lord Bissell & Liddell
(“LLBL”), regarding future litigation expenditures that caps RTI’s
litigation costs in exchange for a contingent fee interest.
We believe this agreement serves both the short-term and
long-term interests of the Company in that it greatly reduces the
legal fee component of our General and administrative costs and
impacts our cash flow in a positive manner as compared to previous
years. This agreement helps ensure the long-term viability of the
Company.
Retractable manufactures and markets safety medical products,
principally VanishPoint® automated retraction safety syringes,
automated retraction blood collection devices, and automated
retraction IV catheters, that virtually eliminate healthcare worker
exposure to accidental needlestick injuries. These revolutionary
devices use patented technology that causes the contaminated needle
to retract automatically, a feature that is designed to prevent
both accidental needlestick injury and device reuse. Retractable
also manufactures and markets Patient Safe® syringes that are
uniquely designed to reduce the risk of bloodstream infections
resulting from catheter hub contamination. Patient Safe® syringes’
unique luer guard reduces the risk of luer tip contact
contamination and the risk of contamination of intravenous fluid.
Retractable's products are distributed by various specialty and
general line distributors. For more information on Retractable,
visit our website at www.vanishpoint.com.
Forward-looking statements in this press release are made
pursuant to the safe harbor provision of the Private Securities
Litigation Reform Act of 1995 and reflect our current views with
respect to future events. We believe that the expectations
reflected in such forward-looking statements are accurate. However,
we cannot assure you that such expectations will materialize. Our
actual future performance could differ materially from such
statements.
Factors that could cause or contribute to such differences
include, but are not limited to: our ability to maintain liquidity;
our maintenance of patent protection; the impact of current
litigation (as it affects our costs as well as market access); our
ability to maintain favorable supplier arrangements and
relationships; our ability to receive royalties from Baiyin Tonsun
Medical Device Co., Ltd.; our ability to quickly increase capacity
in response to an increase in demand; our ability to access the
market; our ability to maintain or lower production costs; our
ability to continue to finance research and development as well as
operations and expansion of production; the increased interest of
larger market players, specifically BD, in providing devices to the
safety market; and other risks and uncertainties that are detailed
from time to time in Retractable's periodic reports filed with the
U.S. Securities and Exchange Commission.
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