Sep 13 2007
Spectranetics Corporation today announced it plans to appeal the verdict in a patent litigation dispute with Dr. Peter Rentrop in the U.S. District Court in the Southern District of New York.
The preliminary jury award of $500,000 to Dr. Rentrop has been accepted by the judge following a review of post-trial motions.
The preliminary jury award of legal fees to Dr. Rentrop in the amount of $150,000 was denied by the judge.
Dr. Rentrop has filed motions seeking to declare this case "exceptional" and is seeking legal fees as well as pre-judgment and post-judgment interest. These motions have not been ruled on by the Court.
"We have now filed our notice of appeal and intend to pursue all appeal options vigorously," said John G. Schulte, Spectranetics' President and Chief Executive Officer. "All costs associated with the preliminary jury verdict were accrued in our financial statements for the three and twelve months ended December 31, 2006 and we have been and will continue accruing a 5% royalty on all sales of Point 9 millimeter catheters, pending the outcome of our appeal."
http://www.spectranetics.com/