Resolution in sight for Ventracor and HeartWare legal dispute
Wednesday, 19 October, 2005
Ventracor (ASX:VCR) and HeartWare (ASX:HTW) have commenced negotiations to settle an on-going patent dispute between the two artificial heart firms.
In a joint statement issued to the ASX today HeartWare and Ventracor said: "Both parties and their respective advisers are presently endeavouring, in good faith, to achieve mutually beneficial outcomes. Whilst these negotiations are ongoing... it is not possible to guarantee that a negotiated settlement will be achieved in relation to the matters in dispute".
Ventracor CEO Colin Sutton told Australian Biotechnology News, "We have always wanted a resolution to this and it seems HeartWare too would like to put it to rest -- we are having very productive discussions.
"We have been in contact for some time and think the matter will be resolved expeditiously."
Howard Leibman, director, corporate development at HeartWare said, "We have consistently said to the market that a protracted legal dispute is in neither company's interest. We are very pleased that constructive discussions are underway and are confident of reaching a mutually beneficial resolution in a timely manner.
"Both companies are focusing on a very large and important medical market -- clearly that needs to be our overriding priority," said Leibman.
Late last year, VentrAssist, a subsidiary of Ventracor, issued a lawsuit alleging that HeartWare's HVAD device infringed on the patents underlying Ventracor's ventricular assist device. Both devices are designed to aid the heart's ventricles in pumping blood around the body.
The legal battle intensified in August with HeartWare filing a strong rebuttal to the patent infringement action in the US District Court for the Southern District of Florida, which "emphatically denied" patent infringement.
In addition to denying the infringement, HeartWare filed six counterclaims against Ventracor, including counterclaims seeking damages and costs based on unfair competition and violation of US antitrust laws.
The negotiations continue in parallel with the case.
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