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Court Refuses to Stay Permanent Injunction in Paclitaxel-Coated Stent Dispute Between Boston Scientific and Cook |
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Natick, MA (October 7, 2002) -- Boston Scientific Corporation today announced that at a hearing this morning in Chicago the U.S. District Court for the Northern District of Illinois denied Cook, Inc.'s request for a stay of the permanent injunction issued last week in the dispute between Boston Scientific and Cook over Cook's agreements with Guidant Corporation relating to the development and distribution of paclitaxel-coated stents. Calling the Cook-Guidant agreements a "subterfuge," the Court ruled that the permanent injunction remains in place. Last Tuesday, the Court enjoined activities under the August 16, 2001 agreements between Cook and Guidant and enjoined Cook from distributing paclitaxel-coated stents through another party in a manner inconsistent with Cook's and Boston Scientific's co-exclusive license agreement with Angiotech Pharmaceuticals, Inc. In addition, the Court prohibited any commercial use of Guidant clinical data generated in connection with the Cook agreements, including obtaining regulatory approval to sell paclitaxel-coated stents in the United States or elsewhere. Boston Scientific is a worldwide developer, manufacturer and marketer of medical devices whose products are used in a broad range of interventional medical specialties. This press release contains forward-looking statements. The Company wishes to caution the reader of this press release that actual results may differ from those discussed in the forward-looking statements and may be adversely affected by, among other things, risks associated with litigation, clinical trials, the regulatory approval process, commercialization of new technologies and other factors described in the Company's filings with the Securities and Exchange Commission.
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