Cordis Corporation Announces Agreement with Boston Scientific to Settle Selected Stent Litigation Cases.BRIDGEWATER, N.J. -- Cordis Corporation ("Cordis") announced today that it has reached an agreement with Boston Scientific The Boston Scientific Corporation (NYSE: BSX) (abbreviated BSC), is a worldwide developer, manufacturer and marketer of medical devices whose products are used in a range of interventional medical specialties, including interventional cardiology, peripheral interventions, ("Boston") resolving its Palmaz infringement suit relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc Boston's NIR NIR Near Infrared NIR National Inventory Report NIR National Identity Register (UK) NIR Near-Infrared Reflectance NIR Non-Ionizing Radiation NIR Net International Reserves NIR National Internet Registry NIR Northern Ireland Railways stent, settling several other cardiology-related cases relating to patents in the Ding, Kastenhofer, Palmaz, and Fontirroche patent families, and exchanging paid-up licenses for certain intellectual properties. In addition, Boston will pay Cordis Corporation $716.3 million on October 1. Johnson & Johnson expects to record the majority of this payment as a special item during the fourth quarter. "We are pleased to resolve several of these patent litigations," said Seth Fischer, Company Group Chairman and Worldwide Franchise Chairman, Cordis Corporation. In addition to dismissing Boston's appeal from the judgment entered in the NIR case, pending proceedings under a Canadian Palmaz patent will also be dismissed. Cordis and Boston further agree to dismiss their U.S. and foreign Ding, Fontirroche, and Kastenhofer cases, and to exchange paid up licenses under the Ding, Kastenhofer, Fontirroche, Pinchuk and Canadian Palmaz patents. The Canadian Palmaz patent relates to stents used in the treatment and diagnosis of coronary artery disease coronary artery disease, condition that results when the coronary arteries are narrowed or occluded, most commonly by atherosclerotic deposits of fibrous and fatty tissue. . The Ding patents relate to designs for drug eluting stents. The Kastenhofer and Fontirroche patents pertain to designs for balloon catheters and stent delivery systems. The Pinchuk patent relates to balloon materials. Other 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. between the two companies will not be affected by this settlement, including the Cordis lawsuit against Boston Scientific related to its Express, Taxus, Taxus Liberte and Promus Stents, and Cordis's pending Fischell case against NIR. Boston's lawsuit against the CYPHER See cipher. ([R]) Sirolimus-eluting Coronary Stent sirolimus-eluting coronary stent Cardiology A coronary artery stent graft which has sirolimus, an imunosuppressive and antimitotic agent incorporated into its matrix, which significantly ↓ restenosis of stents. See RAVEL. under the Jang patent will continue as well. About Cordis Corporation For more than 50 years, Cordis Corporation, a Johnson & Johnson company, has been a worldwide leader in the development and manufacture of interventional vascular technology. Through the company's innovation, research and development, Cordis partners with interventional cardiologists worldwide to treat millions of patients who suffer from vascular disease. More information about Cordis Corporation can be found at www.cordis.com. This press release contains "forward-looking statements" as defined in 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. These statements are based on current expectations of future events. If underlying assumptions prove inaccurate or unknown risks or uncertainties materialize, actual results could vary materially from Cordis Corporation's and/or Johnson & Johnson's expectations and projections. Risks and uncertainties include general industry conditions and competition; economic conditions, such as interest rate and currency exchange rate fluctuations; technological advances and patents attained by competitors; challenges inherent in new product development, including obtaining regulatory approvals; domestic and foreign health care reforms and governmental laws and regulations; and trends toward health care cost containment cost containment, n the features of a dental benefits program or of the administration of the program designed to reduce or eliminate certain charges to the plan. . A further list and description of these risks, uncertainties and other factors can be found in Exhibit 99 of Johnson & Johnson's Annual Report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. for the fiscal year ended December 28, 2008. Copies of this Form 10-K, as well as subsequent filings, are available online at www.sec.gov, www.jnj.com or on request from Johnson & Johnson. Neither Cordis nor Johnson & Johnson undertake to update any forward-looking statements as a result of new information or future events or developments.) |
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