Boston Scientific Announces Favorable Jury Verdict Against Cordis Corporation in Stent Patent Litigation
NATICK, Mass., May 11, 2011 /PRNewswire/ -- Boston Scientific Corporation (NYSE: BSX) today announced that a jury in the District Court for the District of Delaware found that Cordis Corporation owed Boston Scientific approximately $19.5 million for infringing its Jang patent, which covers intellectual property associated with coronary stent technologies. The jury awarded $18.5 million in lost profits and $1 million in reasonable royalties to Boston Scientific.
Boston Scientific brought suit against Cordis for patent infringement in December 2009, shortly after the U.S. launch of Cordis' 2.25 mm Cypher® Stent. On April 13, 2011 the Delaware Court ruled that, as a matter of law, Cordis infringed Boston Scientific's Jang patent and later found that Cordis' infringement was willful.
"We are pleased to see the jury recognize the value of our intellectual property," said Hank Kucheman, Executive Vice President and Group President, Cardiology, Rhythm and Vascular for Boston Scientific. "This is an important outcome in protecting our market position in small-vessel, drug-eluting stents against infringing products."
About Boston Scientific
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: www.bostonscientific.com.
Cautionary Statement Regarding Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and 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 our market position; intellectual property rights; litigation outcome; stent technology and competitive offerings. 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 hereafter. 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.
Boston Scientific Corporation
Boston Scientific Corporation
SOURCE Boston Scientific Corporation
Web Site: http://www.bostonscientific.com
Posted: May 2011