Seeks Exclusion Order Barring Importation of CryoCath's Cryoablation System
SAN DIEGO, Feb. 28 /PRNewswire-FirstCall/ -- CryoCor, Inc. (Nasdaq: CRYO), a medical device company focused on the treatment of cardiac arrhythmias, announced today that it has filed a formal complaint with the United States International Trade Commission (ITC) alleging that CryoCath Technologies Inc. has engaged in unfair trade practices by infringing on several CryoCor patents with its cryoablation system. CryoCor is requesting that the ITC initiate an investigation and issue an exclusion order to bar the importation into the United States of infringing CryoCath cryoablation products.
CryoCor's complaint covers three patents exclusively licensed to CryoCor in certain fields of use related to its Cardiac Cryoablation System, including patents covering pre-cooling technologies that CryoCor considers important to CryoCath's cryoablation system. This action is independent of a patent interference that has been declared by the United States Patent and Trademark Office between CryoCor and CryoCath, where CryoCor has been declared the senior party.
If the ITC accepts the complaint, it will institute a formal Section 337 investigation within 30 days. Section 337 investigations are completed on a fast track, typically within 15 months of the submission of the complaint. If the ITC determines that CryoCath's cryoablation system infringes on CryoCor's licensed patents and that CryoCath's products are being imported into the United States, the ITC may order that CryoCath's cryoablation system, and associated catheters and parts, be completely excluded from importation into the U.S. market for the life of the patents. ITC exclusion orders are enforced by the U.S. Customs and Border Protection.
Ed Brennan, Ph.D., President and Chief Executive Officer of CryoCor, said, "Our request for this investigation further reinforces our strategy to protect our intellectual property rights. Importantly, an ITC investigation has a fast timeline for completion, usually just over one year. If we prevail, the ITC may issue a ban on importation of CryoCath's cryoablation system into the United States. We expect to hear from the ITC within 30 days and will provide an update upon their response. We are confident in the strength of our patent portfolio and believe that we have a solid position as a technological leader in cardiac cryoablation."
CryoCor is a medical technology company that has developed and manufactures a disposable catheter system based on its proprietary cryoablation technology for the minimally invasive treatment of cardiac arrhythmias. The Company's product, the CryoCor Cardiac Cryoablation System, or the Cryoablation System, is designed to treat cardiac arrhythmias through the use of cryoenergy, or extreme cold, to destroy targeted cardiac tissue. The Cryoablation System has been approved in Europe for the treatment of atrial fibrillation, and atrial flutter, the two most common and difficult to treat arrhythmias, since 2002. In the United States, CryoCor is conducting a pivotal trial to evaluate the safety and efficacy of the Cryoablation System for the treatment of atrial fibrillation and the Cryoablation System has been approved for the treatment of right atrial flutter. For more information please visit the Company's website at http://www.cryocor.com
Forward Looking Statements
The statements in this press release that are not descriptions of
historical facts are forward-looking statements that are subject to risks
and uncertainties. These include statements related to whether the ITC will
accept CryoCor's complaint, the possible remedies that may be imposed
against CryoCath by the ITC, the merits of CryoCor's positions in the ITC
proceedings with CryoCath, the possible outcome of those proceedings, and
the value of pre-cooling technology in a cryoablation system, and
specifically, CryoCath's cryoablation system, all of which are prospective.
Such statements are only predictions and reflect CryoCor's expectations and
assumptions as of the date of this press release based on currently
available operating, financial, and competitive information. The actual
events or results may differ materially from those projected in such
forward-looking statements due to a number of factors, including risks
involved with CryoCor's technology; risks associated with the Company's
dependence on patents and proprietary rights; risks associated with the
Company's protection and enforcement of its patents and proprietary rights;
risks associated with the development or availability of competitive
products or technologies and the other risks and uncertainties identified
in the Company's filings with the Securities and Exchange Commission. These
forward-looking statements speak only as of the date hereof. The Company
expressly disclaims any intent or obligation to update any of these
CryoCor, Inc. The Ruth Group
Gregory J. Tibbitts Nick Laudico / Zack Kubow (investors)
Chief Financial Officer (646) 536-7030 / 7020
(858) 909-2200 email@example.com
Jason Rando (media)
|SOURCE CryoCor, Inc.|
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