NATICK, Mass., Jan. 27 /PRNewswire-FirstCall/ -- Boston Scientific Corporation and Medtronic, Inc. today announced the settlement of two lawsuits and an agreement to stand down in three others. These agreements stop all current litigation between the two parties in the fields of interventional cardiology and endovascular repair. All the disputes involved intellectual property.
"We are pleased to have reached these agreements which will allow us to focus our efforts and resources on developing new products and therapies that improve patients' lives," said Hank Kucheman, Senior Vice President and Group President, Cardiovascular.
The stand-down agreements are time limited and involve only Medtronic and Boston Scientific. While the terms of the settlement remain confidential, Boston Scientific said the agreements will not have a material impact on its financial results. The lawsuits are listed below.
A. Medtronic Vascular, Inc., et al. v. Boston Scientific Corp., et al., No. 2:06-cv-00078TJW-CMC, pending in the U.S. District Court for the Eastern District of Texas (Settled); B. Boston Scientific Corp., et al. v. Medtronic, Inc., et al., No. 6:08-cv-320, pending in the U.S. District Court for the Eastern District of Texas (Settled); C. Medtronic Vascular, Inc., et al. v. Boston Scientific Corp., et al. and Abbott Laboratories, et al., No. 2:08-cv-00318- TJW, pending in the U.S. District Court for the Eastern District of Texas; D. Medtronic Vascular, Inc., et al. v. Abbott Cardiovascular Systems, Inc., et al., No. C-0601066 (PJH), pending in the U.S. District Court for the Northern District of California; and E. Boston Scientific Corp., et al. v. Medtronic, Inc., et al., No. CV 08 3844 PJH, pending in the U.S. District Court for the Northern District of California.
Boston Scientific is a worldwide developer, manufacturer and marketer of medical devices whose products are used in a broad range of interventional medical specialties. For more information, please visit: http://www.bostonscientific.com/.
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This press release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934. Forward-looking statements may be identified by words like "anticipate," "expect," "project," "believe," "plan," "estimate," "intend" and similar words. These forward-looking statements are based on our beliefs, assumptions and estimates using information available to us at the time and are not intended to be guarantees of future events or performance. These forward-looking statements include, among other things, statements regarding litigation and new product development. If our underlying assumptions turn out to be incorrect, or if certain risks or uncertainties materialize, actual results could vary materially from the expectations and projections expressed or implied by our forward-looking statements. These factors, in some cases, have affected and in the future (together with other factors) could affect our ability to implement our business strategy and may cause actual results to differ materially from those contemplated by the statements expressed in this press release. As a result, readers are cautioned not to place undue reliance on any of our forward-looking statements.
Factors that may cause such differences include, among other things: future economic, competitive, reimbursement and regulatory conditions; new product introductions; demographic trends; intellectual property; litigation; financial market conditions; and, future business decisions made by us and our competitors. All of these factors are difficult or impossible to predict accurately and many of them are beyond our control. For a further list and description of these and other important risks and uncertainties that may affect our future operations, see Part I, Item 1A- Risk Factors in our most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission, which we may update in Part II, Item 1A - Risk Factors in Quarterly Reports on Form 10-Q we have filed or will file thereafter. We disclaim any intention or obligation to publicly update or revise any forward-looking statements to reflect any change in our expectations or in events, conditions, or circumstances on which those expectations may be based, or that may affect the likelihood that actual results will differ from those contained in the forward-looking statements. This cautionary statement is applicable to all forward-looking statements contained in this document.
CONTACT: Paul Donovan 508-650-8541 (office) 508-667-5165 (mobile) Media Relations Boston Scientific Corporation Larry Neumann 508-650-8696 (office) Investor Relations Boston Scientific Corporation
