ALBANY, N.Y., March 20, 2014 (GLOBE NEWSWIRE) -- AngioDynamics (Nasdaq: ANGO ), a leading provider of innovative, minimally invasive medical devices for vascular access, surgery, peripheral vascular disease and oncology, today announced a recent court action in its legal case against biolitec AG.
On March 18, 2014, the United States District Court for the District of Massachusetts entered a judgment awarding AngioDynamics $74.9 million in damages based on AngioDynamics' claims that biolitec AG, Biomed Technology Holdings Limited and Wolfgang Neuberger tortiously interfered with its U.S. subsidiary, biolitec Inc.'s, contractual obligations. The judgment is also based on claims of piercing the biolitec's corporate veil, fraudulent transfers and violations of Massachusetts's Unfair Business Practices Act.
The dispute originally began when AngioDynamics asserted biolitec Inc. breached a contractual agreement 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.
"We are pleased with the court's decision," said AngioDynamics President and Chief Executive Officer Joseph M. DeVivo. "The judgment was based on the defendant's refusal to cooperate in their discovery obligations in the Massachusetts court, just as biolitec originally failed to live up to its obligation to indemnify us, hurting our business as we defended ourselves against infringement claims concerning the distribution of their products. We will continue to vigorously pursue this litigation until we recover our damages, however long it takes."
About AngioDynamics
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, fluid management systems, vascular access products, angiographic products and accessories, angioplasty products, drainage products, thrombolytic products and venous products. More information is available at www.AngioDynamics.com .
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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, including Navilyst Medical and its products, R&D capabilities, infrastructure and employees 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, 2013. AngioDynamics does not assume any obligation to publicly update or revise any forward-looking statements for any reason.
Company Contact: AngioDynamics, Inc. Mark Frost, CFO (800) 772-6446 x1981 Investor Relations Contacts: EVC Group, Inc. Michael Polyviou/Robert Jones (212) 850-6020; (646) 201-5447 ; Media Contact: EVC Group, Inc. Dave Schemelia (646) 201-5431
