A Medical Device Daily
Dana Ryan, president/CEO and chairman of the board of RyMed Technologies (Franklin, Tennessee) responded to a mixed verdict in a patent infringement case concerning RyMed's InVision-Plus with Neutral Advantage technology IV connector. Recently, an eight-person jury in the U.S. District Court of Delaware determined that there was no willful infringement of any patent. Addtionally, the jury found in RyMed's favor on one patent but decided against RyMed on two other patents (Medical Device Daily, Dec. 23, 2010). All three patents are owned by ICU Medical (San Clemente, California), which like RyMed makes IV connectors.
“While we are disappointed in the jury's decision on two of the three patents, the entire matter is not yet resolved,“ Ryan said. “We believe that RyMed will be vindicated as these proceedings continue to move through the court system. In the meantime, we expect that the availability of our products will not be affected by this verdict.“
A poster presentation at the recent 2010 State of the Science Congress on Nursing Research showed that InVision-Plus outperformed six other manufacturers' connectors in suppressing bacteria known to cause catheter-related bloodstream infections (CRBSI). The poster also summarized research showing that In-Vision Plus reduced occlusions 20%-to-84% in clinical settings with cancer patients.
RyMed Technologies makes safety products in the field of intravenous catheter care management.
In other legal news:
?• National securities law firm Tripp Levy (New York), reported that it has opened an investigation into the acquisition of American Surgical Holdings (ASH; Houston). On Dec. 20, ASH reported that it would be acquired and taken private by AH Holdings, an affiliate of Great Point Partners, I (GPP). Under the terms of the definitive merger agreement, at the closing of the transaction American Surgical's stockholders will receive $2.87 per share in cash.
Certain members of ASH's management team will receive a 14.9% ownership interest in the buyer. In addition, management of ASH have agreed to vote their 60% interest in favor of the transaction.
The investigation concerns, among other things, whether the consideration to be paid to ASH shareholders is grossly unfair, inadequate, and substantially below the fair or inherent value of the company. Indeed, analysts have projected that the true inherent value of the company is worth about $3.40 per share. The investigation further concerns whether management and the directors of ASH may not be acting in its shareholders' best interests in connection with the proposed transaction.
• Authentidate Holding Corp. (Berkeley Heights, New Jersey), a provider of secure health information exchange, workflow management services and telehealth solutions, reported that it has entered into a settlement agreement providing for the resolution and dismissal, with prejudice, of the purported shareholder class action entitled In re Authentidate Holding Corp. Securities Litigation, Case No, 1:05-CV-5323-LTS, pending in the U.S. District Court for the Southern District of New York.
The settlement, which is subject to approval by the court, provides for a $1.9 million payment to be made by the company's insurance carrier, does not contain or reflect any admission of liability by any defendants and provides an end to continued costly and time-consuming litigation by all parties. Shareholders who purchased Authentidate common stock between July 16, 2004 and May 27, 2005, will be mailed a detailed notice of the settlement and will be permitted to submit claims for a potential payment from the settlement fund.
Authentidate's software and web-based services enable healthcare organizations and other enterprises to increase revenues, reduce costs and enhance patient care by eliminating paper and manual work steps from clinical and administrative processes. The web-based services are delivered as Software as a Service (SaaS), and only require that customers have an Internet connection and web browser. The company's healthcare customers and users include leading homecare companies, health systems and physician groups.