ALBANY, N.Y., Oct. 3, 2011 (GLOBE NEWSWIRE) -- AngioDynamics (Nasdaq:ANGO), a leading provider of innovative, minimally invasive medical devices for vascular access, surgery, peripheral vascular disease and oncology, announced the U.S. District Court for the Northern District of New York has granted key portions of AngioDynamics' motion for summary judgment in its legal case against biolitec.
AngioDynamics sued biolitec to recover costs incurred by AngioDynamics in defending and settling two patent infringement cases. Specifically, AngioDynamics is seeking to recover the costs of its $7 million settlement with Diomed in April 2008, its $6.8 million settlement with VNUS Medical Technologies in June 2008 and the legal fees associated with the two cases.
The Court's ruling stems from legal action initiated by AngioDynamics in January 2008 seeking to enforce the indemnification provisions of its April 1, 2002, Supply and Distribution Agreement with biolitec. The Agreement obligated biolitec to defend and indemnify AngioDynamics against patent infringement claims by third parties arising out of the use of laser vein ablation products supplied by biolitec. The Court's order affirms that biolitec should have defended and indemnified AngioDynamics against the infringement claims asserted by Diomed and VNUS Medical Technologies, but did not.
The Court's order was filed under seal. As of this date, the order has not yet been entered as a judgment and therefore does not contain specified amounts with respect to damages, and there can be no assurance that AngioDynamics will recover the full amount of the damages it has sought against biolitec.
The Court also dismissed biolitec's counterclaims against AngioDynamics. The court denied one portion of AngioDynamics' summary judgment motion, which sought to recover additional costs from biolitec, leaving this for adjudication at trial.
AngioDynamics, Inc. is a leading provider of innovative, minimally invasive medical devices used by professional healthcare providers for vascular access, surgery, peripheral vascular disease and oncology. AngioDynamics' diverse product lines include market-leading ablation systems, vascular access products, angiographic products and accessories, angioplasty products, drainage products, thrombolytic products, embolization products and venous products. More information is available at www.AngioDynamics.com.
This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements regarding AngioDynamics' expected future financial position, results of operations, cash flows, business strategy, budgets, projected costs, capital expenditures, products, competitive positions, growth opportunities, plans and objectives of management for future operations, as well as statements that include the words such as "expects," "reaffirms," "intends," "anticipates," "plans," "believes," "seeks," "estimates," "optimistic," or variations of such words and similar expressions, are forward-looking statements. These forward looking statements are not guarantees of future performance and are subject to risks and uncertainties. Investors are cautioned that actual events or results may differ
from AngioDynamics' expectations. Factors that may affect the actual results achieved by AngioDynamics include, without limitation, the ability of AngioDynamics to develop its existing and new products, technological advances and patents attained by competitors, future actions by the FDA or other regulatory agencies, domestic and foreign health care reforms and government regulations, results of pending or future clinical trials, overall economic conditions, the results of on-going litigation, the effects of economic, credit and capital market conditions, general market conditions, market acceptance, foreign currency exchange rate fluctuations, the effects on pricing from group purchasing organizations and
competition, the ability of AngioDynamics to integrate purchased businesses, as well as the risk factors listed from time to time in AngioDynamics'SEC filings, including but not limited to its Annual Report on Form 10-K for the year ended May 31, 2011. AngioDynamics does not assume any obligation to publicly update or revise any forward-looking statements for any reason.
CONTACT: Company Contact:
AngioDynamics, Inc.D. Joseph Gersuk, CFO
(800) 772-6446 x1608
Investor Relations Contacts:
EVC Group, Inc.Greg Gin/Doug Sherk
(646) 445-4801; (415) 652-9100
EVC Group, Inc.Chris Gale
News Provided by Acquire Media