ST. PAUL, Minn., Nov 02, 2010 (BUSINESS WIRE) --
Cardiovascular Systems, Inc. (CSI) (Nasdaq: CSII), announced today that
it has entered into a settlement agreement with ev3, Inc., now part of
Covidien plc. The agreement dismisses all claims and counterclaims in
the employment lawsuit between the two companies. The litigation stems
from a suit ev3 originally filed against CSI in 2007 related to
employees who joined CSI from ev3.
Pursuant to the agreement, CSI will pay ev3 $1.0 million, in the form of
$750,000 cash and a $250,000 promissory note, due by January 1, 2014.
CSI will receive insurance proceeds of $500,000 related to the
settlement. Neither party admits any liability or wrongdoing.
"Reaching a settlement in this lawsuit is in the best interest of CSI,"
said David L. Martin, CSI president and chief executive officer. "By
resolving this issue, we can move forward and focus on our business and
growth opportunities, without the distractions and expense of prolonged
litigation."
About Cardiovascular Systems, Inc.
Cardiovascular Systems, Inc., based in St. Paul, Minn., is a medical
device company focused on developing and commercializing interventional
treatment systems for vascular disease. The company's Diamondback 360(R)
and Diamondback Predator 360(TM) PAD Systems treat calcified and fibrotic
plaque in arterial vessels throughout the leg in a few minutes of
treatment time, and address many of the limitations associated with
existing surgical, catheter and pharmacological treatment alternatives.
As many as 12 million Americans suffer from peripheral arterial disease
(PAD), which is caused by the accumulation of plaque in peripheral
arteries (commonly the pelvis or leg) reducing blood flow. Symptoms
include leg pain when walking or at rest, and can lead to tissue loss
and eventually limb amputation. In August 2007, the U.S. FDA granted
510(k) clearance for the use of the Diamondback 360° as a therapy for
PAD, and CSI commenced a U.S. product launch in September 2007. Since
then, nearly 30,000 procedures have been performed using the Diamondback
360° in leading institutions across the United States. For more
information visit the company's Web site at www.csi360.com.
SOURCE: Cardiovascular Systems, Inc.
For Cardiovascular Systems, Inc.
Investor Relations, 651-259-2800
investorrelations@csi360.com
or
Padilla Speer Beardsley:
Marian Briggs, 612-455-1742
mbriggs@psbpr.com
or
Nancy A. Johnson, 612-455-1745
njohnson@psbpr.com