AngioDynamics Announces Settlement of Patent Litigation With VNUS Medical Technologies.QUEENSBURY, N.Y. -- AngioDynamics, Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :ANGO ANGO Algemene Nederlandse Gehandicapten Organisatie (Dutch: Equal Opportunities for Persons with Disabilities) ), a leading provider of innovative medical devices used by interventional radiologists, nephrologists and surgeons for the minimally invasive treatment of cancer and peripheral vascular disease Peripheral Vascular Disease Definition Peripheral vascular disease is a narrowing of blood vessels that restricts blood flow. It mostly occurs in the legs, but is sometimes seen in the arms. , announced today that it has entered into an agreement that settles all patent litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. with VNUS Medical Technologies. Under the terms of the Settlement Agreement, AngioDynamics has agreed to pay VNUS Medical approximately $6.8 million and a royalty, payable quarterly, on U.S. sales of NeverTouch[TM] VenaCure([R]) products from June 1, 2008 until the expiration date Expiration Date The day on which an options or futures contract is no longer valid and, therefore, ceases to exist. Notes: The expiration date for all listed stock options in the U.S. of the applicable patents. In exchange, VNUS Medical has granted AngioDynamics a non-exclusive and non-sublicenseable license to the applicable patents for use in endovenous laser therapy. All litigation between the parties will be dismissed. "This settlement with VNUS allows us to avoid the ongoing risks and expenses of a trial," said Eamonn Hobbs, President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of AngioDynamics. "More importantly, the settlement marks the end of our litigation in the endovenous laser market for the treatment of varicose veins. With this, we can now focus on this rapidly growing market without the distraction of litigation." As a result of the settlement, AngioDynamics will record a litigation expense of approximately $6.8 million pre-tax and $4.2 after-tax in the fiscal fourth quarter of 2008, amounting to $0.17 per share. The amount of the on-going royalty is considered confidential information. In October 2005, VNUS Medical Technologies added AngioDynamics and Vascular Solutions to a lawsuit originally commenced against Diomed, alleging their infringement of patent numbers 6,258,084; 6,638,273; 6,752,803; and 6,769,433, all of which relate to the endovascular treatment of varicose veins. About AngioDynamics 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 thrombolytic /throm·bo·lyt·ic/ (throm?bo-lit´ik) dissolving or splitting up a thrombus, or an agent that so acts. thrombolytic 1. dissolving or splitting up a thrombus. 2. an agent that dissolves or splits up a thrombus. products, embolization embolization /em·bo·li·za·tion/ (em?bo-li-za´shun) 1. the process or condition of becoming an embolus. 2. therapeutic introduction of a substance into a vessel in order to occlude it. products and venous products. More information is available at www.angiodynamics.com. Safe Harbor The statements made in this document include forward-looking statements intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. Words such as "expects," "reaffirms" "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 FDA abbr. Food and Drug Administration FDA, n.pr See Food and Drug Administration. FDA, n.pr the abbreviation for the Food and Drug Administration. 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 2, 2007, may affect the actual results achieved by the Company. The Company does not assume any obligation to publicly update or revise any forward-looking statements for any reason. |
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