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| American Medical Systems and Boston Scientific Corporation Announce Litigation Settlement |
| AMERICAN MEDICAL SYSTEMS LOGO
American Medical Systems, Inc. logo. (PRNewsFoto)[AG] MINNEAPOLIS, MN USA | |||
MINNEAPOLIS, Jan. 31 /PRNewswire/ --
American Medical Systems, Inc. (AMS; Nasdaq: AMMD) and
Boston Scientific Corporation (BSC; NYSE: BSX), two major competitors in the
market for the treatment of incontinence, jointly announced today a mutually
successful settlement of significant patent litigation between them.
(Photo: http://www.newscom.com/cgi-bin/prnh/20000710/AMSLOGO )
Under the settlement, both companies are cross-licensing patents related
to sling procedures and bone anchor devices that are used by urologists and
gynecologists in the surgical treatment of incontinence. Through a
cross-license, the settlement provides greater choice for patients and
physicians. By coming to a settlement, both companies avoid further legal
costs and unproductive use of company assets.
"We are pleased that we have settled these cases to the satisfaction of
both companies. This paves the way for AMS to move forward with product
developments that will continue to benefit incontinent patients as they strive
to stay in control and restore the quality of their lives," said Douglas
Kohrs, president and chief executive officer of AMS.
Jim Tobin, president and chief executive officer of Boston Scientific,
said, "We are pleased to have reached a mutually beneficial settlement of
these lawsuits. The resolution of these disputes recognizes the value of
Boston Scientific's intellectual property, minimizes the ongoing expenditure
of money and management time on these cases, and reduces our litigation risk.
The settlement ensures that physicians and patients will have continued access
to a broad range of treatment alternatives."
Although financial terms were not disclosed, the agreement will not be
material to either party's current operations nor will it require ongoing
royalties.
American Medical Systems is a leading medical technology company dedicated
to surgeon-choice urological solutions for obstructions related to prostate
disease, male and female incontinence, and erectile dysfunction. For
additional information about AMS or its products, visit
http://www.visitAMS.com
Boston Scientific is a worldwide developer, manufacturer and marketer of
medical devices. The company's products are used in a broad range of
interventional medical specialties.
This press release contains forward-looking statements. The companies
wish to caution the reader that actual results may differ from those discussed
in the forward-looking statements and may be affected by, among other things,
risks associated with new product development, clinical trials, regulatory
approval, commercialization of new technologies, competitive offerings and
other factors described in the company's filings with the Securities and
Exchange Commission.
SOURCE American Medical Systems, Inc.
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Photo Notes:
NewsCom:
http://www.newscom.com/cgi-bin/prnh/20000710/AMSLOGO
AP Archive: http://photoarchive.ap.org
PRN Photo Desk, 888-776-6555 or 201-369-3467
CONTACT:
Milan Kofol, Investor Relations,
508-650-8569, or Paul Donovan, Media Relations, 508-650-8541,
both of Boston Scientific Corporation, or Greg Melsen, Chief
Financial Officer, 952-933-4666, greg.melsen@visitAMS.com , or
Kimberly Eggen of AMS Public Relations, 952-930-6326,
kim.eggen@visitams.com , both of American Medical Systems, Inc.
