UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): July 3, 2007
AngioDynamics, Inc.
(Exact Name of Registrant as Specified in Charter)
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Delaware |
000-50761 |
11-3146460 |
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(State or Other Jurisdiction of Incorporation) |
(Commission File Number) |
(IRS Employer Identification No.) |
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603 Queensbury Avenue, Queensbury, New York 12804 |
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(Address of Principal Executive Offices) (Zip Code) |
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(518) 798-1215 |
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(Registrant’s telephone number, including area code) |
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2 (b)) |
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4 (c)) |
Item 8.01. Other Events.
On July 3, 2007, AngioDynamics, Inc. (the "Company") issued a press release entitled "ANGIODYNAMICS MOVES FORWARD WITH NEVERTOUCH, COMMENTS ON INJUNCTION RULING," a copy of which is attached hereto as Exhibit 99.1.
Forward-Looking Statements
This document and its attachments include "forward-looking statements" intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. Investors can identify these statements by the fact that they do not relate strictly to historical or current facts. These statements contain words such as "may," "will," "predict," "project," "might," "expect," "believe," "anticipate," "plan," "intend," "potential," "could," "would," "should," "estimate," "seek," "continue," "pursue," or "our future success depends," or the negative or other variations thereof or comparable terminology. In particular, they include statements relating to, among other things, future actions, strategies, future performance, future financial results of the Company. These forward-looking statements are based on current expectations and projections about future events.
Investors are cautioned that forward-looking statements are not guarantees of future performance or results and involve risks and uncertainties that cannot be predicted or quantified and, consequently, the actual performance or results of the Company may differ materially from those expressed or implied by such forward-looking statements. Such risks and uncertainties include, but are not limited to, the factors described from time to time in the Company's reports filed with the SEC, including the Company's Form 10-K for the fiscal year ended June 3, 2006 and Form 10-Q for the period ended March 3, 2007.
Any forward-looking statements are made pursuant to the Private Securities Litigation Reform Act of 1995 and, as such, speak only as of the date made. The Company disclaims any obligation to update the forward-looking statements. Investors are cautioned not to place undue reliance on these forward-looking statements which speak only as of the date stated, or if no date is stated, as of the date of this document.
Item 9.01 – Financial Statements and Exhibits.
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(d) |
Exhibits. |
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See Exhibit Index. |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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ANGIODYNAMICS, INC. |
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(Registrant) |
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Date: July 3, 2007 |
By: |
/s/ D. Joseph Gersuk |
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D. Joseph Gersuk |
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Chief Financial Officer |
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EXHIBIT INDEX
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Exhibit No. |
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Description |
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99.1 |
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Press Release dated July 3, 2007. |
EXHIBIT 99.1
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Company Contact: |
Investor Relations Contacts: |
Media Contact: | ||||||
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AngioDynamics, Inc. |
EVC Group, Inc. |
EVC Group, Inc. |
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D. Joseph Gersuk, CFO |
Jennifer Beugelmans/Doug Sherk |
Steve DiMattia |
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(800) 772-6446 x1608 |
(646) 201-5447 |
(646) 201-5445 |
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jgersuk@AngioDynamics.com |
jbeugelmans@evcgroup.com |
sdimattia@evcgroup.com |
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dsherk@evcgroup.com |
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ANGIODYNAMICS MOVES FORWARD WITH NEVERTOUCH™,
COMMENTS ON INJUNCTION RULING
Company’s replacement technology represents advance in treatment of varicose veins
QUEENSBURY, N.Y. (July 3, 2007) – AngioDynamics (NASDAQ: ANGO) announced today that a Federal District Court judge in Boston has issued an injunction that prohibits the Company from selling its original VenaCure® bare tipped fiber, used in a minimally invasive therapy for severe varicose veins.
The injunction, which follows the previously disclosed March 2007 jury verdict of unwillfull infringement of Diomed's U.S. patent No. 6,398,777, was expected. It prohibits AngioDynamics from selling the disposable kits that were found to infringe in the trial and from selling laser consoles for use with those kits. AngioDynamics had stopped selling the disposable kits in mid-April 2007. Since June 2, 2007 the Company has been selling only the new NeverTouch™ VenaCure® disposable kits and laser consoles for use with such kits.
NeverTouch is a significant improvement over the original VenaCure. It employs a proprietary gold-coated spacer component over its laser fiber tip, a new generation of technology designed to further eliminate inadvertent contact between the laser-emitting end of the fiber and vessel wall during treatment. NeverTouch represents an advance over AngioDynamics’ first generation bare tipped VenaCure through its provision of an enhanced level of protection against vein wall perforation during laser therapy.
According to Dr. Lowell Kabnick, Vascular Surgeon and Vein Specialist at the Vein Institute of New Jersey and a medical advisor to the Company, the new fiber tip improves patient outcome. "The NeverTouch VenaCure tip enables physicians to achieve optimal positioning of the fiber within the vessel being treated," said Dr. Kabnick. "This is because the gold tip fiber is more visible under ultrasound imaging. By helping to avoid the vein wall, this feature provides a significant clinical advantage in minimizing patient discomfort and bruising."
“Innovation and solid intellectual property are two of AngioDynamics’ guiding principles which have enabled us to rapidly commercialize this product from our R&D pipeline and, in so doing, continue to provide physicians and their patients with technology needed for this important venous disease treatment,” commented Eamonn Hobbs, AngioDynamics President and CEO.
“The injunction ruling was expected and we believe it will not impact our ability to continue moving forward with our new and improved NeverTouch products.”
AngioDynamics continues to dispute the infringement verdict on multiple grounds and on June 20 filed an appeal in the U.S. Court of Appeals for the Federal Circuit in Washington, D.C. If AngioDynamics’ appeal of the infringement verdict is not successful,
the Company will be required to pay Diomed monetary damages in the
amount of $9,710,000 plus accrued interest from March 30, 2007 until the
date of such payment. . The Company recorded a $9.7 million litigation provision in its financial statements for the fiscal third quarter ended March 3, 2007.
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 products, embolization products and venous products. More information is available at www.angiodynamics.com.
Safe Harbor
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.
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