AngioDynamics Comments on Declaratory Judgment Decision by Court
On September 7, 2006, U.S. District Judge Gregory Sleet denied AngioDynamics' request to bring a declaratory judgment action against Diomed regarding two patents (U.S. patent numbers 6,981,971 and 6,986,766) recently issued to Diomed. These patents relate to a medical device and method that includes graduated markings along a sheath. AngioDynamics brought this case in January 2006, due to concerns that Diomed would wrongly sue AngioDynamics for infringement, in particular regarding the AngioDynamics VenaCure product. If the court had granted the request, the case would have proceeded to trial, providing AngioDynamics with an opportunity to prove these patents are invalid. Rather than hearing the case, the court denied AngioDynamics' request to bring action at this time, stating that, under the circumstances, there was not sufficient evidence of a threat of litigation by Diomed, thus there was no basis for allowing the case to proceed.
"While we are disappointed that the court chose not to hear this case at this time, we are very confident that if any action is initiated against AngioDynamics by Diomed regarding these patents, the patents will be proven invalid in light of very significant prior art and other factors," commented Eamonn P. Hobbs, president and chief executive officer of AngioDynamics.
About VenaCure
The VenaCure endovascular laser venous system is a patient-friendly, minimally invasive alternative for the treatment of severe varicose veins. The VenaCure procedure, which lasts about 45 minutes, offers patients an effective outpatient alternative to surgical ligation and vein stripping. The Company markets and sells the VenaCure laser system throughout the United States.
About AngioDynamics
AngioDynamics, Inc. is a leading provider of innovative medical devices used by interventional radiologists, vascular surgeons and other physicians for the minimally invasive diagnosis and treatment of peripheral vascular disease. AngioDynamics, Inc. designs, develops, manufactures and markets a broad line of therapeutic and diagnostic devices that enable interventional physicians, such as interventional radiologists, vascular surgeons and others, to treat peripheral vascular diseases and other non-coronary diseases. The Company's diverse product line includes angiographic products and accessories, dialysis products, vascular access products, PTA products, drainage products, thrombolytic 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, 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.
CONTACT: AngioDynamics,
Joe Gerardi, 800-772-6446 x115
www.angiodynamics.com
or
Investor Relations Contacts:
Lippert/Heilshorn & Associates, Inc.
Kim Sutton Golodetz, 212-838-3777
kgolodetz@lhai.com
or
Bruce Voss, 310-691-7100
bvoss@lhai.com
SOURCE: AngioDynamics, Inc.