COLORADO SPRINGS, Colo., July 21, 2016 (GLOBE NEWSWIRE) -- The Spectranetics Corporation (NASDAQ:SPNC) today announced that the United States Court of Appeals for the Federal Circuit reversed in part and affirmed in part trial court rulings in a case filed by its wholly-owned subsidiary, AngioScore Inc. against defendants Eitan Konstantino, TriReme Medical, LLC, Quattro Vascular Pte Ltd. and QT Vascular Ltd. involving claims of breach of fiduciary duty and patent infringement. The Federal Circuit reversed the breach of fiduciary duty ruling on procedural grounds, finding that the United States District Court for the Northern District of California lacked jurisdiction to hear that claim. In the trial court ruling, the court found Konstantino breached his fiduciary duties to AngioScore, that TriReme and Quattro aided and abetted the breach, that QT Vascular was liable for the acts of TriReme and Quattro, and awarded AngioScore in excess of $20 million in damages.
In its decision, the Federal Circuit also affirmed the trial court’s ruling that the defendants are not entitled to attorneys’ fees in the patent infringement case.
The Company remains confident in the merits of the case and is currently evaluating next steps. No part of the potential financial award associated with this matter has been previously reflected in the Company’s financial statements.
Spectranetics acquired AngioScore in June 2014.
The Spectranetics Corporation develops, manufactures, markets and distributes medical devices used in minimally invasive procedures within the cardiovascular system. The Company's products are available in over 65 countries and are used to treat arterial blockages in the heart and legs and in the removal of pacemaker and defibrillator leads.
The Company's Vascular Intervention (VI) products include a range of laser catheters for ablation of blockages in arteries above and below the knee, the AngioSculpt scoring balloon used in both peripheral and coronary procedures, and the Stellarex drug-coated balloon peripheral angioplasty platform, which received European CE mark approval in December 2014. The Company also markets support catheters to facilitate crossing of peripheral and coronary arterial blockages, and retrograde access and guidewire retrieval devices used in the treatment of peripheral arterial blockages, including chronic total occlusions. The Company markets aspiration and cardiac laser catheters to treat blockages in the heart.
The Lead Management (LM) product line includes excimer laser sheaths, dilator sheaths, mechanical sheaths and accessories for the removal of pacemaker and defibrillator cardiac leads.
For more information, visit www.spectranetics.com.
Safe Harbor Statement
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Source:The Spectranetics Corporation