CORRECTED - CORRECTED-(OFFICIAL) - UPDATE 1-VNUS to get $9.9 mln from suit s
(Corrects 2008 royalty revenue estimate to $12.5 million to $12.9 million, from $11.3 million to $11.7 million, in paragraph 6 after the company corrected the figures)
June 3 (Reuters) - Medical device maker VNUS Medical Technologies Inc VNUS.O said it would receive $9.9 million from AngioDynamics and Vascular Solutions as settlement in a patent infringement lawsuit, sending its shares up 10 percent.
VNUS had filed the lawsuit in 2005, accusing AngioDynamics Inc (ANGO.O), Diomed Holdings Inc DIOM.PK and Vascular Solutions Inc (VASC.O) of infringing patents on a method for treating varicose veins.
VNUS said it plans to file a claim against Diomed for alleged infringement of its patents. Diomed filed for bankruptcy in March, resulting in a stay of proceedings against it.
As a part of the settlement, VNUS will receive $6.8 million from AngioDynamics and $3.1 million from Vascular Solutions as upfront payment.
In return, VNUS Medical granted AngioDynamics and Vascular Solution a patent license covering certain products, including disposable endovenous laser fiber kits and laser fibers.
VNUS forecast 2008 royalty revenue of $12.5 million to $12.9 million.
Shares of the San Jose, California-based company were up $1.44 at $19.06 in morning trade on Nasdaq. They touched a high of $19.47 earlier in the session. (Reporting by Suzannah Benjamin in Bangalore; Editing by Himani Sarkar)
