MINNEAPOLIS, July 14 /PRNewswire-FirstCall/ -- Vascular Solutions, Inc. today announced that a summary judgment hearing was held on July 13, 2005 in the United States Federal District Court for the District of Massachusetts regarding intellectual property litigation brought by Diomed Holdings, Inc. against Vascular Solutions. The summary judgment hearing was held solely to consider Vascular Solutions’ motion to dismiss all counts of Diomed’s complaint and to grant judgment to Vascular Solutions on its counterclaim invalidating Diomed’s EVLT(R) trademark. The Court took the motion under advisement and issued no formal ruling.
After the close of trading on July 13, 2005, Diomed issued a press release which stated that in the summary judgment hearing Vascular Solutions “conceded” on Diomed’s trade secret and disparagement claims. Also in the press release Diomed stated that the Court took under advisement “Diomed’s claims for trade secret misappropriation.”
“Diomed’s press release is bizarre and incorrect,” stated Howard Root, Chief Executive Officer of Vascular Solutions. “Diomed, in this litigation, alleged that Vascular Solutions violated Diomed’s EVLT trademark and engaged in commercial disparagement through one of our Vari-Lase(R) marketing documents. Vascular Solutions has never used Diomed’s EVLT trademark in selling any of our Vari-Lase products. Furthermore, Vascular Solutions hasn’t used the one page marketing document in question since 2003. Given these preemptory facts, and without even getting to the merits of our request for dismissal, the Court questioned why Diomed’s allegations continued, and Diomed agreed to dismiss with prejudice both the trademark and the disparagement portions of the litigation. Vascular Solutions conceded nothing on Diomed’s claims. Furthermore, while Diomed states that the Court took Diomed’s trade secret claims under advisement, what the Court is considering is Vascular Solutions’ motion to dismiss Diomed’s sole remaining trade secret misappropriation claim. For Diomed to try to claim victory out of the dismissal of two of their three allegations with the requested dismissal of the third claim still under consideration by the Court is simply stunning.”
About Vascular Solutions
Vascular Solutions, Inc. is a medical device company that focuses on developing unique solutions for unmet clinical opportunities within Interventional radiology and Interventional cardiology. New products introduced since the second half of 2003 include the Vari-Lase(R) endovenous laser product line for the treatment of varicose veins, the D-Stat Dry(TM) hemostatic bandage for the rapid control of topical bleeding, the Pronto(TM) extraction catheter for the mechanical extraction of soft thrombus and the Langston(TM) dual lumen catheter for the measurement of aortic stenosis. The Company’s other major products include the Duett(TM) sealing device to rapidly seal the puncture site following catheterization procedures, the D-Stat(R) Flowable hemostat for the local management of active bleeding, and the Acolysis(R) intravascular therapeutic ultrasound product which is sold in international markets for the treatment of peripheral occlusive arterial disease.
The information in this press release contains forward-looking statements that involve risks and uncertainties. Our actual results could differ materially from those anticipated in these forward-looking statements. Important factors that may cause such differences include those discussed in our Annual Report on Form 10-K for the year ended December 31, 2004 and other recent filings with the Securities and Exchange Commission. The risks and uncertainties include, without limitation, risks associated with the need for adoption of our new products, limited working capital, lack of profitability, exposure to intellectual property claims, dependence on key vendors, exposure to possible product liability claims, the development of new products by others, doing business in international markets, limited manufacturing experience, the availability of third party reimbursement, and actions by the FDA.
For further information, connect to http:/www.vascularsolutions.com .
Vascular Solutions, Inc.
CONTACT: Howard Root, CEO, or James Hennen, CFO, both of VascularSolutions, Inc., +1-763-656-4300
Web site: http://www.vascularsolutions.com/