SINGAPORE, Jan. 30 /PRNewswire/ -- Biosensors International Group, Ltd.
(Bloomberg: BIG SP) today announced that it has successfully defended against
legal claims and defeated a request for an injunction request brought against
it in the court in The Hague by Vancouver, BC-based Angiotech Pharmaceuticals
Inc and Boston Scientific. The result of the court's decision to deny the
claims and injunction allows Biosensors to continue the production of its
Axxion(TM) drug eluting stent ("DES") in the Netherlands with distribution
throughout Europe and other parts of the world where regulatory approval for
the device has been secured.
The legal action, commenced on December 9, 2005 in The Netherlands,
claimed that the Axxion(TM) stent infringes on European patent No. 0706376
(the "European Patent") which is jointly owned by Angiotech and the University
of British Columbia. Boston Scientific is the exclusive licensee of the
European Patent for cardiovascular medicine, which encompasses, among other
things, claims describing a stent that uses a composition of Paclitaxel and a
polymeric coating as a drug carrier. The judge ruled that Biosensors
Axxion(TM) DES does not infringe the European Patent.
Yoh-Chie Lu, Chairman and CEO of Biosensors said, "We are obviously very
pleased with the Court's decision in this matter as the decision of the Dutch
court enables us to continue to sell the Axxion(TM) DES and to pursue our
business model. The introduction and roll out of Axxion(TM) in Europe has
been an important step for Biosensors as it has allowed us to build our sales
and marketing infrastructure, initiate market share and develop the necessary
systems for the eventual launch of our flagship BioMatrix(TM) DES.
BioMatrix(TM) features a fully biodegradable polymer and our own proprietary
drug, and we plan for it to drive our growth in the coming years."
Mr. Lu further noted that the legal action only involved its Axxion(TM)
product and does not relate to BioMatrix(TM), which is expected to receive CE
Mark approval in the first half of 2006.
About Biosensors International Group, Ltd.
Biosensors develops, manufactures and markets innovative medical devices
used in interventional cardiology and critical care procedures. Biosensors is
well-positioned to emerge as a leader in drug-eluting stents, an evolving
therapy that is rapidly gaining market share from traditional therapies such
as bare-metal stenting and open-heart surgery. Biosensors has internally
developed technology to address each component of a drug-eluting stent system,
including a stent, a stent delivery catheter, a bioresorbable polymer and a
proprietary anti-restenotic drug. It is pursuing two separate drug-eluting
stent programs, BioMatrix(TM) and Axxion(TM), and has licensed aspects of its
drug-eluting stent technology to four companies.
Certain statements herein include forward-looking statements within the
meaning of the U.S. Private Securities Litigation Reform Act of 1995.
Forward-looking statements generally can be identified by the use of
forward-looking terminology, such as "may," "will," "expect," "intend,"
"estimate," "anticipate," "believe," "project" or "continue" or the negative
thereof or other similar words. All forward-looking statements involve risks
and uncertainties, including, but not limited to, customer acceptance and
market share gains, competition from companies that have greater financial
resources; introduction of new products into the marketplace by competitors;
successful product development; dependence on significant customers; the
ability to recruit and retain quality employees as Biosensors grows; and
economic and political conditions globally. Actual results may differ
materially from those discussed in, or implied by, the forward-looking
statements. The forward-looking statements speak only as of the date of this
release and Biosensors assumes no duty to update them to reflect new, changing
or unanticipated events or circumstances.
Biosensors International Group
Ms. Tina Lim, Executive, Corporate Communications
Tel: (65) 6213 5712
Media Relations / Investor Relations Firm
Allen & Caron Inc.
Mr. Matt Clawson
Executive Vice President, Investor Relations
Tel: (1) 949 474 4300
SOURCE Biosensors International Group, Ltd.