BioSpace Collaborative

Academic/Biomedical Research
News & Jobs
Biotechnology and Pharmaceutical Channel Medical Device and Diagnostics Channel Clinical Research Channel BioSpace Collaborative    Job Seekers:  Register | Login          Employers:  Register | Login  

NEWSLETTERS
Free Newsletters
Archive
My Subscriptions

NEWS
News by Subject
News by Disease
News by Date
PLoS
Search News
Post Your News
JoVE

CAREER NETWORK
Job Seeker Login
Most Recent Jobs
Search Jobs
Post Resume
Career Fairs
Career Resources
For Employers

HOTBEDS
Regional News
US & Canada
  Biotech Bay
  Biotech Beach
  Genetown
  Pharm Country
  BioCapital
  BioMidwest
  Bio NC
  BioForest
  Southern Pharm
  BioCanada East
  US Device
Europe
Asia

DIVERSITY

PROFILES
Company Profiles

INTELLIGENCE
Research Store

INDUSTRY EVENTS
Research Events
Post an Event
RESOURCES
Real Estate
Business Opportunities

 News | News By Subject | News by Disease News By Date | Search News
Get Our Industry eNewsletter FREE email:    
   

Medtronic, Inc. (MDT) Announces Appeal Decision in Patent Litigation with DePuy Spine, Inc.


6/2/2009 7:39:31 AM

Bookmark and Share

MINNEAPOLIS--(BUSINESS WIRE)--Medtronic, Inc. (NYSE:MDT - News), today announced results from a Federal Circuit Court review of a December 2007 patent infringement verdict regarding the Vertex line of multiaxial screws, which are no longer on the market. The Appeals Court upheld the verdict of patent infringement, but reversed a substantial portion of the damages award to DePuy Spine. The Appeals Court also reversed a sanctions determination against Medtronic, finding that it was legally incorrect and could not be sustained. The Appeals Court affirmed an award of $149.1 million in lost profits, but eliminated another $77.2 million in damages to DePuy Spine, along with another approximate $10.5 million in sanctions and attorneys’ fees.

“We are pleased that the judgment will be reduced by a very substantial amount as a result of this appeal, and that the right to a vigorous trial defense was upheld,” said Steve La Neve, president of the Spinal and Biologics business and senior vice president at Medtronic. “It is important to note that this case has no bearing on our current Vertex Select and OC Systems.”

The case will now be remanded to the trial court for calculation of the reduced judgment, which will include amounts both for post-judgment and prejudgment interest on the damages.

About Medtronic

Medtronic, Inc. (www.medtronic.com), headquartered in Minneapolis, is the world’s leading medical technology company, alleviating pain, restoring health, and extending life for people with chronic disease.

Any forward-looking statements are subject to risks and uncertainties such as those described in Medtronic’s Annual Report on Form 10-K for the year ended April 25, 2008. Actual results may differ materially from anticipated results.

Contact:

Medtronic, Inc. Marybeth Thorsgaard, 763-505-2644 Public Relations Jeff Warren, 763-505-2696 Investor Relations

Read at BioSpace.com

   

ADD TO DEL.ICIO.US    ADD TO DIGG    ADD TO FURL    ADD TO STUMBLEUPON    ADD TO TECHNORATI FAVORITES
 

//-->