Damages Fully Accrued in Financial Statements
COLORADO SPRINGS, Colo., Sept. 13 /PRNewswire-FirstCall/ -- Spectranetics Corporation (Nasdaq: SPNC) today announced it plans to appeal the verdict in a patent litigation dispute with Dr. Peter Rentrop in the U.S. District Court in the Southern District of New York. The preliminary jury award of $500,000 to Dr. Rentrop has been accepted by the judge following a review of post-trial motions. The preliminary jury award of legal fees to Dr. Rentrop in the amount of $150,000 was denied by the judge. Dr. Rentrop has filed motions seeking to declare this case "exceptional" and is seeking legal fees as well as pre-judgment and post-judgment interest. These motions have not been ruled on by the Court.
"We have now filed our notice of appeal and intend to pursue all appeal options vigorously," said John G. Schulte, Spectranetics' President and Chief Executive Officer. "All costs associated with the preliminary jury verdict were accrued in our financial statements for the three and twelve months ended December 31, 2006 and we have been and will continue accruing a 5% royalty on all sales of Point 9 millimeter catheters, pending the outcome of our appeal."
Founded in 1984, Spectranetics manufactures and sells the only excimer laser approved in the United States, Europe and Japan for use in minimally invasive cardiovascular procedures. This technology treats complex cardiovascular conditions by photo-ablating multiple lesion types into tiny particles that are easily absorbed into the blood stream. The Company's disposable catheters use high-energy "cool" ultraviolet light to vaporize arterial blockages in the legs and heart, as well as scar tissue encapsulating pacing and defibrillation leads. For more information visit http://www.spectranetics.com.
Safe Harbor Statement
This news 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. Such statements are based on current assumptions that involve risks and uncertainties that could cause actual outcomes and results to differ materially. These risks and uncertainties may include increasing price and product competition, increased pressure on expense levels resulting from expanded marketing and clinical activities, uncertain success of the Company's strategic direction, dependence on new product development, intellectual property claims of third parties, availability of inventory from suppliers, the receipt of FDA approval to market new products or applications and the timeliness of any approvals, the potential size of market opportunities associated with new products, market acceptance of new products or applications, product defects, unexpected delays or costs associated with the Company's relocation and consolidation of its headquarters and manufacturing operations, price volatility due to the initiation or cessation of coverage, or changes in ratings, by securities analysts. For a further list and description of such risks and uncertainties that could cause the actual results, performance or achievements of the Company to be materially different from any anticipated results, performance or achievements, please see the Company's previously filed SEC reports. Spectranetics disclaims any intention or obligation to update or revise any financial projections or forward-looking statements, whether as a result of new information, future events or otherwise.
COMPANY CONTACT: INVESTOR RELATIONS CONTACTS:
Spectranetics Corporation Lippert/Heilshorn & Associates, Inc.
Guy Childs, Chief Financial Officer Bruce Voss
(719) 633-8333 Don Markley
http://www.spectranetics.com (310) 691-7100
MEDIA RELATIONS CONTACT:
Schwartz Communications, Inc.
|SOURCE Spectranetics Corporation|
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