American Medical Systems Announces Settlement With Celsion Corporation
Posted on: Thursday, 8 February 2007, 09:01 CST
American Medical Systems Holdings, Inc. (NASDAQ:AMMD) announced today that it has entered into a settlement and licensing agreement with Celsion Corporation (AMEX:CLN) and will receive an undisclosed licensing fee and ongoing royalty payments from sales of Celsion's Prolieve® product. AMS has agreed to subsequently dismiss the lawsuit it filed against Celsion in the Delaware district court on September 28, 2006.
"Intellectual property fuels the engine of AMS pelvic health innovation," said Ross Longhini, Chief Operating Officer of AMS, "and we will continue to vigorously protect it when challenged. We are pleased with the agreement we've reached with Celsion, as well as their recognition of its value, and will continue to bring innovative solutions to our physicians and their patients."
About American Medical Systems
American Medical Systems, headquartered in Minnetonka, Minnesota and including its recently concluded acquisition of Laserscope, is a diversified supplier of medical devices and procedures to cure erectile dysfunction, benign prostatic hyperplasia, incontinence, menorrhagia, prolapse and other pelvic disorders in men and women. These disorders can significantly diminish one's quality of life and profoundly affect social relationships. In recent years, the number of people seeking treatment has increased markedly as a result of longer lives, higher quality-of-life expectations and greater awareness of new treatment alternatives. American Medical Systems' products reduce or eliminate the incapacitating effects of these diseases, often through minimally invasive therapies. The Company's products were used to treat approximately 240,000 patients in 2006.
More information about the Company and its products can be found at its website www.AmericanMedicalSystems.com and in the Company's Annual Report on Form 10-K for 2005 and its other SEC filings.
Source: Business Wire
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