SINGAPORE, Sept. 30, 2015 /PRNewswire/ -- QT Vascular Ltd., together with its subsidiaries (the "Company" or "QT Vascular", and together with its subsidiaries, 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, following a seven-day jury trial before an Oakland jury sitting in the United States District Court for the Northern District of California, it has prevailed on the Patent lawsuit filed by AngioScore (now owned by Spectranetics Corporation (NASDAQ: SPNC)) ("Plaintiff") in 2012. The jury returned a unanimous verdict that the Chocolate® PTA does not infringe any of the asserted claims of United States Patent No. 7,691,119 ("'119 patent") ("Patent Claim"). Furthermore, the jury determined that all asserted claims of the '119 patent are invalid as obvious over the prior art.
The verdict which found non-infringement and invalidity of all asserted claims by the Plaintiff, is consistent with the Group's legal position since the patent suit was filed. The verdict confirms that Chocolate is substantially different from the design disclosed in the '119 patent which is now owned by Spectranetics Corporation and that the Group can continue to sell Chocolate without impediment.
The Company anticipates that the Court will enter a judgment consistent with the jury verdict. Based on the verdict, the Group does not anticipate that it will incur any liability on the Patent Claim.
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 Johnson & Johnson), (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
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SOURCE QT Vascular Ltd.