Mar 29 2010
AGA Medical Holdings, Inc. (AGA Medical) (Nasdaq:AGAM) today announced
the settlement of a patent infringement lawsuit between the company and
Medtronic, Inc. This dispute relates to the January 2007 patent
infringement action against the company, filed by Medtronic, Inc.,
alleging that substantially all of AGA Medical's AMPLATZER®
occluder and vascular plug devices infringe three of Medtronic's method
and apparatus patents on shape memory alloy stents (U.S. Patent Nos.
5,190,546, 6,306,141 and 5,067,957, collectively known as "the Jervis
patents").
“We are pleased to have reached this agreement, which
eliminates much of the expense and uncertainty associated with the
litigation and enables the company to focus its resources and attention
on providing patients with innovative devices to treat significant
medical conditions.”
President and Chief Executive Officer of AGA Medical John Barr
commented, "We are pleased to have reached this agreement, which
eliminates much of the expense and uncertainty associated with the
litigation and enables the company to focus its resources and attention
on providing patients with innovative devices to treat significant
medical conditions."
AGA Medical will make payments to Medtronic in the total amount of $35
million. The settlement amount will be paid over four years with the
final payment due in January 2014.
This settlement covers all existing products, as well as any new
products developed and commercialized by AGA Medical, using nitinol for
the entire term of the Jervis patents.