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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