AngioDynamics Granted $74.9 Mln In Case Against Biolitec - Quick Facts

(RTTNews) - AngioDynamics (ANGO), a provider of innovative, minimally invasive medical devices for vascular access, surgery, peripheral vascular disease and oncology, announced that on Tuesday the United States District Court for the District of Massachusetts entered a judgment awarding AngioDynamics $74.9 million in damages based on AngioDynamics' claims that biolitec AG, Biomed Technology Holdings Limited and Wolfgang Neuberger tortiously interfered with its U.S. subsidiary, biolitec Inc.'s, contractual obligations.

The judgment is also based on claims of piercing the biolitec's corporate veil, fraudulent transfers and violations of Massachusetts's Unfair Business Practices Act.

The dispute originally began when AngioDynamics asserted biolitec Inc. breached a contractual agreement to defend and indemnify AngioDynamics against patent infringement claims by third parties arising out of the use of laser vein ablation products supplied by biolitec.