Diomed has fought literally to the death in defense of its “777 Patent” covering the endovascular laser treatment of varicose veins. In March, the company filed for bankruptcy, smothered by legal issues which turned the device manufacturer into little more than a law firm.
Diomed will sell some of its assets to a German medical laser manufacturer, Biolitec, for $6 – $7 million. Biolitec would continue to operate Diomed’s business in the U.S. That sale should be complete within the next two months.
Vascular Solutions, determined not to go down with the ship, announced yesterday that it has settled, with a one-time payment of $3.586 million, its long-standing patent infringement lawsuit with Diomed.
AngioDynamics, Vascular Solutions’ co-defendant, settled last month.
Howard Root, CEO of Vascular Solutions, commented, “We are pleased to finally resolve all of our litigation with Diomed and to eliminate this distraction from our efforts to advance our products and our business.”
UPDATE: Friday, April 11, 2008
Diomed has entered into an asset purchase agreement with AngioDynamics for the sale of Diomed’s U.S. operations for $8 million.
AngioDynamics has offered $8 million in cash for the part of Diomed’s U.S. business engaged in the sale of systems for the laser treatment of varicose veins. AngioDynamics also agreed to pay $3 million in cash for the assets of Diomed’s business based in Cambridge, England.