Laser Battles Reach Fever Pitch
PDF A quick glance at the Diomed’s recent press releases might lead you to believe the company is a law firm, rather than a provider of minimally invasive varicose vein treatments.
Diomed vs. Total Vein Solutions
The Andover-based company headed to court again today to voice its request today for a preliminary injunction against Total Vein Solutions in its continuing efforts to enforce U.S. Patent Number 6,398,777.
The “777 Patent” covers the endovascular laser treatment of varicose veins.
Diomed vs. AngioDynamics and Vascular Solutions
Previous rulings had validated Diomed’s claims, preventing two of the company’s competitors – AngioDynamics and Vascular Solutions – from selling the infringing lasers and disposables. Diomed also sought damages; in March 2007 the court awarded the company $14.7 million.
That ruling was one of the few positive developments at the company over this last year. Diomed is trading at an all time low of $.21, down from a 52-week high of $3.50. It may soon lose its seat on the AMEX stock exchange. The company continues to hemorrhage more than $10 million annually – much of that, no doubt, in the form of legal fees.
AngioDynamics has appealed the outcome of this patent infringement suit. Oral arguments are expected to be presented to a Federal Appeals Court three-judge panel in “March or April 2008”.
If the appeal is not successful, Angiodynamics will be required to pay Diomed $9.7 million plus accrued interest.
Even as that battle has raged, Diomed and AngioDynamics have sparred.
Diomed vs. AngioDynamics (Round 2)
A July 2, 2007 injunction prohibited AngioDynamics from selling its original VenaCure(R) bare tipped fiber, a minimally invasive treatment for severe varicose veins.
AngioDynamics reports that, prior to this injunction, it had stopped selling infringing disposable kits and introduced the new NeverTouch VenaCure disposable kit.
A Motion for Contempt filed by Diomed on July 11, 2007 alleged that NeverTouch violated this permanent injunction. AngioDynamics posits that NeverTouch is a significant improvement over the original VenaCure.
VNUS Medical vs. Diomed, AngioDynamics and Vascular Solutions
And just when you think the whole travail couldn’t get any more complicated, VNUS Medical enters the fray. Its patent infringement suit lumps Diomed, AngioDynamics and Vascular Solutions on the same side as co-defendants (karma, if ever such a thing existed). That trial is expected to commence on June 23, 2008.
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[...] Diomed has fought literally to the death in defense of its “777 Patent” covering the endovascular laser treatment of varicose veins. In March, the company filed for bankruptcy, smothered by legal issues which turned the device manufacturer into little more than a law firm. [...]
[...] and Diomed, who once sat on opposing sides of the courtroom, have found occasion to work together, though only after the U.K.-based company filed for [...]
[...] Laser Battle Reaches Fever Pitch [Diomed vs. Total Vein Solutions, Diomed vs. AngioDynamics and Vascular Solutions, Diomed vs. [...]
[...] Prior to its legal travails, Diomed had an attractive business. In the quarter ended June 30, 2007 (which serves as a good reference point), the company’s EVLT installed base exceeded 1,200 systems. Half of those were “closed” – designed exclusively for Diomed’s single-use disposables. In that quarter, 110,000 procedures were performed using Diomed disposables; the company earned $6.5 million with gross profit of $3.0 million. During the 12 months ending September 30, 2007, Diomed had worldwide sales of $25.4 million. [...]