SINGAPORE, July 25, 2016 /PRNewswire/ -- QT Vascular Ltd., together with its subsidiaries (the "Company" or "QT Vascular", and together with its subsidiaries, the "Group"), is a global company engaged in the design, assembly and distribution of advanced therapeutic solutions for the minimally invasive treatment of vascular disease. Further to the Company's announcements of 29 April 2015, 2 July 2015 and 8 July 2015 and media releases of 4 May 2015, 20 September 2015, 26 November 2015 and 11 February 2016, the Board of Directors of the Company is pleased to provide an update in its ongoing litigation with AngioScore, Inc. ("AngioScore") (now owned by Spectranetics Corporation (NASDAQ: SPNC)).
On 21 July 2016, a unanimous three-judge panel of the United States Court of Appeals for the Federal Circuit (the "Federal Circuit") reversed a district court judgement awarding AngioScore more than US$20,000,000 in damages based on claims of breach of fiduciary duty, aiding and abetting the breach and unfair competition (the "State Law Claims"). The Federal Circuit held that the district court erred as a matter of law when it exercised subject matter jurisdiction over the State Law Claims. Accordingly, the Federal Circuit ordered the district court to dismiss the State Law Claims.
The aforesaid ruling on 21 July 2016 is a second win for the Group at the Federal Circuit this year, and it leaves unchanged the previous positive judgement that Chocolate® PTA does not infringe any of the asserted claims of United States Patent No. 7,691,119 ("'119 patent") and that all asserted claims of the '119 patent by AngioScore are invalid as obvious over the prior art.
"I am delighted that we won this appeal as it validates the stand taken by the Group since the start of this litigation with AngioScore," stated Dr Eitan Konstantino, PhD, Chief Executive Officer of QT Vascular.
About QT Vascular Ltd. (SGX Stock code: 5I0)
QT Vascular Ltd. together with its subsidiaries ("QT Vascular" or the "Group"), is an emerging leader in the development and commercialization of next generation minimally invasive products for the treatment of complex vascular disease. QT Vascular works closely with leading physicians and scientists from around the world to create differentiated devices that improve procedural and clinical outcomes.
QT Vascular is based in Singapore with a US subsidiary, TriReme Medical LLC ("TriReme Medical"), based in Pleasanton, California. TriReme Medical's range of percutaneous transluminal angioplasty ("PTA") and percutaneous transluminal coronary angioplasty ("PTCA") products include (i) Chocolate® PTA Balloon Catheter, (ii) Chocolate® PTCA Balloon Catheter, (iii) GliderXtremeTM PTA Balloon Catheter, (iv) GliderfleX® PTA Balloon Catheter and (v) GliderTM PTCA Balloon Catheter, all of which have the CE mark that allows them to be sold in Europe, and FDA clearance to be sold in the United States. Additionally, the GliderXtremeTM PTA Balloon Catheter has the regulatory clearance in China and Japan, while the GliderTM PTCA Balloon Catheter has the regulatory clearance in Japan. These products are sold by the Group's direct sales team and through its main distributors: (i) Cordis Corporation (a wholly-owned subsidiary of Cardinal Health, Inc.), (ii) Shandong Weigao Group Medical Polymer Co Ltd and (iii) Century Medical, Inc.
The Group's drug coated version of the Chocolate® PTA Balloon Catheter, Chocolate Touch®, and the Chocolate® PTCA Balloon Catheter, Chocolate Heart™, have the CE mark that allows them to be sold in Europe.
For more information, please visit the company website at www.qtvascular.com
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SOURCE QT Vascular Ltd.