Medical Patents Litigation

Minneapolis, MN: (Apr-09-08) Diomed Inc. brought charges against Vascular Solutions, Inc., alleging that the company infringed on its patents. Sources familiar with the negotiations recently stated that the two companies had resolved their dispute by entering into a settlement agreement. Under the terms of the settlement agreement, the claims will be dismissed following a one-time payment of $3.586 million from Vascular Solutions to Diomed in full and final satisfaction of the monetary judgment in the case.

Vascular spokespersons said that after the March 2007 jury verdict and payout, the company recorded a $4.975 million litigation provision in the first quarter of 2007. The provision was subsequently increased to $5.245 million, primarily as the result of interest on the judgment. CEO of Vascular Solutions, Howard Root stated that the premise for settlement with Diomed was the same that governed the Diomed's settlement with co-defendant AngioDynamics. He said that the companies are now free to concentrate on their key strengths, without the distraction of litigation. [CNN MONEY: VASCULAR SOLUTIONS ANNOUNCES SETTLEMENT OF PATENT LITIGATION WITH DIOMED]

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Published on Apr-10-08