Attached files
| file | filename |
|---|---|
| 8-K - FORM 8-K - Cardiovascular Systems Inc | c61109e8vk.htm |
| EX-99.1 - EX-99.1 - Cardiovascular Systems Inc | c61109exv99w1.htm |
Exhibit 99.2
CARDIOVASCULAR SYSTEMS SETTLES EMPLOYMENT LITIGATION
St. Paul, Minn. — Nov. 2, 2010 — 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® and Diamondback Predator 360™ 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.
Contacts:
For Cardiovascular Systems, Inc.
|
Padilla Speer Beardsley: | |
Investor Relations
|
Marian Briggs | |
(651) 259-2800
|
(612) 455-1742 | |
investorrelations@csi360.com
|
mbriggs@psbpr.com | |
| Nancy A. Johnson | ||
| (612) 455-1745 | ||
| njohnson@psbpr.com |
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