VCR ventracor limited

heartware press release re vcr

  1. 4,770 Posts.
    22 December 2004

    HeartWare confident about patent position

    HeartWare Limited notes today’s announcement from Ventracor Limited that Ventracor has commenced legal action in the United States against its U.S. subsidiary HeartWare Inc alleging infringement of certain US patents in relation to its cardiac assist device. HeartWare, which is developing a family of proprietary circulatory heart assist devices, anticipated and foreshadowed the possibility of this action in its prospectus which has been lodged with ASIC. Earlier this month, after initially writing to HeartWare alleging patent infringements, Ventracor approached HeartWare and confirmed in writing that it would be prepared to withdraw its letter if HeartWare would be prepared to enter into negotiations in regard to a potential cross-licence of patents prior to Christmas 2004. HeartWare was not prepared to enter into any such discussions especially under the circumstances created by Ventracor. HeartWare believes its patent position is strong and that, as stated in its prospectus, the action by Ventracor is opportunistic and designed to disrupt its capital raising efforts. Moreover, the Board believes that the demand has no validity whatsoever and is frivolous in nature. The HeartWare prospectus states that the Board of HeartWare has responded formally to Ventracor denying any infringement on the part of HeartWare Inc and informing Ventracor that any litigation or other action that may be commenced by it in relation to the specified patents or any patents will be vigorously defended by HeartWare Inc, including the seeking of appropriate damages. The Board of HeartWare continues to hold this view. HeartWare, along with it underwriter eG Capital, looks forward to completing its IPO by end-January as planned. For enquiries, contact: Paula Hannaford Director Gavin Anderson & Company 02 9552 4499 0413 940 180
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