Agreement Includes $2.5 Million Payment to Edwards, Patent Licensing And Dismissal of Pending Litigation in Delaware
IRVINE, Calif., Jan. 29 -- Edwards Lifesciences Corporation (NYSE: EW), a global leader in medical technologies to treat advanced cardiovascular disease and the number-one heart valve company in the world, announced today that the company has entered into an agreement with Carbomedics, Inc. resolving patent infringement litigation initiated by Edwards on June 6, 2002 and September 17, 2003 related to certain Edwards patents in the areas of heart valve repair and replacement. The litigation, filed in the U.S. District Court in Delaware, has been dismissed.
Under terms of the settlement, Edwards will receive a one-time cash payment of $2.5 million and has granted Carbomedics a royalty-bearing license on three Edwards patents related to annuloplasty products used in heart valve repair procedures. Further details of the settlement were not disclosed.
""This lawsuit was part of an active and ongoing effort to enforce Edwards' patent assets,"" said Michael A. Mussallem, Edwards' chairman and CEO. ""We are committed to protecting our valuable intellectual property as well as the interests of our clinician-inventors and others dedicated to providing innovations for treating advanced cardiovascular disease.""
About Edwards Lifesciences
Edwards Lifesciences is a leader in advanced cardiovascular disease treatments and the number-one heart valve company in the world. Headquartered in Irvine, Calif., Edwards focuses on four main cardiovascular disease states: heart valve disease, coronary artery disease, peripheral vascular disease and congestive heart failure. The company's global brands, which are sold in approximately 100 countries, include Carpentier-Edwards, Cosgrove-Edwards, Swan-Ganz and Fogarty. Additional company information can be found at www.edwards.com .
Edwards Lifesciences, and Edwards are trademarks of Edwards Lifesciences Corporation. Carpentier-Edwards, Cosgrove-Edwards, Swan-Ganz and Fogarty are trademarks of Edwards Lifesciences Corporation and are registered in the U.S. Patent and Trademark Office.
This news release includes forward-looking statements that involve risks and uncertainties, including those related to the ability of Edwards to protect its patent assets, the outcome of pending and/or future litigation involving Edwards' intellectual property, and other risks detailed in the company's filings with the Securities and Exchange Commission. These forward- looking statements are based on estimates and assumptions made by management of the company and are believed to be reasonable, though are inherently uncertain and difficult to predict. Actual results or experience could differ materially from the forward-looking statements.
Contact Information :
Media, Barry R. Liden, +1-949-250-5070, or Investors, David K. Erickson, +1-949-250-6826, both of Edwards Lifesciences Corporation