Full Press Release Details
Retractable Technologies, Inc.
Announces Verdict in Patent Infringement Suit
ELM, Texas December 23, 2009 Retractable Technologies, Inc. ( Retractable )
(AMEX: RVP), a leading maker of safety needle devices, announced today that a
Tyler, Texas jury returned a verdict on Friday, December 18th in the litigation of Retractable Technologies, Inc.
v. OMI (Occupational & Medical Innovations Limited, an Australian
public company,) in favor of Retractable on all claims presented to the jury.
The jury found that OMI s Auto-Retractable Safety Syringe infringed all the
asserted claims under patent 6,572,584 ( the 584 patent ), OMI was directed to
pay Retractable $1,571,103 for such infringement and found that Retractable s 584
patent is valid and enforceable. In
addition, the jury found that OMI misappropriated trade secret information and
was directed to pay Retractable $2,240,640 in damages.
will seek the entry of an immediate injunction against any further
infringement. Issuance of an injunction is a matter for the Court but the
Company is informed by counsel that all relevant legal factors weigh in favor
of injunctive relief in this case.
manufactures and markets safety medical products, principally VanishPoint automated retraction safety syringes and blood
collection devices, that virtually eliminate healthcare worker exposure to
accidental needlestick injuries. These
revolutionary devices use a patented friction ring mechanism that causes the
contaminated needle to retract automatically, a feature that is designed to
prevent both accidental needlestick injury and device reuse. Retractable also manufactures and markets
Patient Safe syringes that are uniquely designed to reduce the risk of
bloodstream infections resulting from catheter hub contamination. Retractable s products are distributed by
various specialty and general line distributors. For more information on Retractable, visit
our website at www.vanishpoint.com.
statements in this press release are made pursuant to the safe harbor provision
of the Private Securities Litigation Reform Act of 1995 and reflect our current
views with respect to future events. We
believe that the expectations reflected in such forward-looking statements are
accurate. However, we cannot assure you
that such expectations will materialize.
Our actual future performance could differ materially from such
that could cause or contribute to such differences include, but are not limited
to: our ability to maintain liquidity; our maintenance of patent protection;
the impact of current litigation (as it affects our costs as well as market
access); the ability to maintain favorable supplier arrangements and
relationships; the ability to receive royalties from Baiyin Tonsun Medical Device Co., Ltd.; our
ability to quickly increase capacity in
response to a dramatic increase in demand (such as by increased orders
due to swine flu vaccinations); our ability to access the market; our ability
to maintain or lower production costs; our ability to continue to finance
research and development as well as operations
expansion of production; the increased interest of larger market players,
specifically Becton Dickinson and Company, in providing devices to the safety
market; and other risks and uncertainties that are detailed from time to time
in Retractable s periodic reports filed with the U.S. Securities and Exchange
Vice President and Chief Financial Officer
(888) 806-2626 or (972) 294-1010