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Kensey Nash to Enter Into Mediation with St. Jude Medical over Angio-Seal Contract Disputes
Date:12/16/2011

EXTON, Pa., Dec. 16, 2011 /PRNewswire/ -- Kensey Nash Corporation (NASDAQ: KNSY) today announced that it has agreed with St. Jude Medical to enter into non-binding mediation in an attempt to resolve disputes over royalty payments to Kensey Nash relating to the Angio-Seal vascular closure device, as well as other related claims. Kensey Nash has repeatedly advised St. Jude that the royalties are currently to be paid, and should since 2007 have been paid, at a rate of 8% rather than the 6% rate at which St. Jude had been paying.  The Company has further advised St. Jude that, as a result of St. Jude's incorrect interpretation of the license agreements between the two companies, St. Jude has to date underpaid the Company by over $30 million.  The Company was recently informed and surprised to learn that St. Jude is now asserting that, effective November 2011, the rate at which that it owes royalties to the Company with respect to Angio-Seal is to be reduced from 6% to 2% and that St. Jude intends to pay the Company at this reduced rate.       

According to Joe Kaufmann, President and CEO of the Company, "St. Jude's action to reduce the royalty rate to 2% suggests that St. Jude Medical intends to assert that their obligation to pay any royalties to Kensey Nash will end in April 2014.  Our strongly-held view is that, based upon the current design of the Angio-Seal device, St. Jude's royalty obligations to Kensey Nash extend at least through April 2016, and potentially through 2023.  While we are hopeful that mediation will lead to an appropriate resolution of these matters, we will take all necessary steps to protect our intellectual property and the interests of our stockholders."

Going forward, the Company will report revenue at the rate at which St. Jude is actually paying royalties to the Company (2%), rather t
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SOURCE Kensey Nash Corporation
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