QUEENSBURY, N.Y.– AngioDynamics, Inc. (NASDAQ:ANGO) announced today that a Federal District Court judge in Boston has denied the Company’s motion to overturn a March 28, 2007 jury verdict that its original bare fiber design VenaCure laser treatment infringes on Diomed Inc.’s U.S. patent No. 6,398,777.
AngioDynamics disagrees with the judge’s rulings on multiple grounds and is planning to file an appeal in the U.S. Court of Appeals for the Federal Circuit in Washington, D.C.
The judge indicated that Diomed is entitled to some form of injunction, but did not rule on the scope. The court instructed the parties to attempt to agree upon specific injunction language within one week. If the parties are not able to agree, they are to submit additional briefs to the court by May 29.
In the event the verdict is not reversed on appeal, the parties agreed today that the judgment for monetary damages against AngioDynamics can be increased by $1.35 million to cover pretrial interest and post verdict sales. Damages would then total $9.71 million if AngioDynamics’ appeal is unsuccessful. The Company recorded a $9.6 million litigation provision in its financial statements for the fiscal third quarter ended March 3, 2007.
AngioDynamics also announced today that it plans to begin shipping its new NeverTouch™ VenaCure® procedure kits on June 2, 2007. The Company stopped shipment of bare fiber VenaCure on April 27, 2007 and will fulfill all future product orders with NeverTouch VenaCure.
AngioDynamics, Inc. is a leading provider of innovative medical devices used by interventional radiologists, surgeons, and other physicians for the minimally invasive treatment of cancer and peripheral vascular disease. The Company’s diverse product line includes market-leading radiofrequency ablation systems, vascular access products, angiographic products and accessories, dialysis products, angioplasty products, drainage products, thrombolytic products, embolization products and venous products. More information is available at www.angiodynamics.com.
The statements made in this document contain certain forward-looking statements that involve a number of risks and uncertainties. Words such as “expects,” “intends,” “anticipates,” “plans,” “believes,” “seeks,” “estimates,” or variations of such words and similar expressions, are intended to identify such forward-looking statements. Investors are cautioned that actual events or results may differ from the Company’s expectations. In addition to the matters described above, the ability of the Company to develop its products, future actions by the FDA or other regulatory agencies, results of pending or future clinical trials, overall economic conditions, general market conditions, market acceptance, foreign currency exchange rate fluctuations, the effects on pricing from group purchasing organizations and competition, as well as the risk factors listed from time to time in the SEC filings of AngioDynamics, Inc., including but not limited to its Annual Report on Form 10-K for the year ended June 3, 2006, may affect the actual results achieved by the Company.