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news.Vascular Solutions has entered into a settlement agreement with Diomed for the purpose of resolving the patent infringement lawsuit between the companies.
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Pursuant to the settlement agreement, all claims and appeals by each side will be dismissed following a one-time payment of $3.586 million from Vascular Solutions to Diomed in full and final satisfaction of the monetary judgment related to the alleged infringement of US patent.
Following the March 2007 jury verdict and subsequent monetary judgment award, Vascular Solutions recorded a $4.975 million litigation provision in the first quarter of 2007. The provision was subsequently increased to $5.245 million, primarily as the result of interest on the judgment.
Howard Root, CEO of Vascular Solutions, said: “We are pleased to finally resolve all of our litigation with Diomed and to eliminate this distraction from our efforts to advance our products and our business.”