SINGAPORE, Nov. 30, 2015 /PRNewswire/ -- QT Vascular Ltd., together with its subsidiaries (the "Company" or "QT Vascular", and together with its subsidiaries, TriReme Medical LLC and Quattro Vascular Pte. Ltd., collectively the "Group"), a global company engaged in the design, assembly and distribution of advanced therapeutic solutions for the minimally invasive treatment of vascular disease, is pleased to announce that a three-judge panel of the United States Court of Appeals for the Federal Circuit ("Federal Circuit") has unanimously granted the Group and Dr. Eitan Konstantino ("Defendants") a motion to stay the enforcement of the trial court's judgment (being damages of US$20.034 million awarded against the Defendants) ("Trial Court's Judgement") on the State Law Claims ("Order"). The Defendants argued that a stay of enforcement was appropriate based on a four factor test that includes consideration of the likelihood of success on the merits of the appeal. AngioScore, Inc. ("AngioScore") had opposed the motion to stay the enforcement of the Trial Court's Judgement.
As a result of the Federal Circuit's Order, AngioScore is not permitted to seek enforcement of the Trial Court's Judgment while the appeal is pending. The Group continues its operations in the normal course of its existing business.
The Federal Circuit is the appellate court that will hear the Defendants' appeal.
Please refer to the Company's announcements of 29 April 2015, 2 July 2015, 8 July 2015 and media release on 4 May 2015 for further information on the State Law Claims.
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 mainly sold 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.
For more information, please visit the company website at www.qtvascular.com
SOURCE QT Vascular Ltd.