This excerpt taken from the VASC 8-K filed Jun 5, 2008.
Item 1.01 Entry into a Material Definitive Agreement.
On and effective as of Monday, June 2, 2008, Vascular Solutions, Inc. (VSI) and AngioDynamics, Inc. entered into an agreement (Agreement) with VNUS Medical Technologies, Inc. (VNUS) which settled their pending patent litigation with VNUS.
Under the terms of the Agreement, VNUS has granted to VSI a non-exclusive and non-sublicensable license to the applicable patents for use in endovenous laser therapy and VSI has agreed to pay VNUS a royalty on all of its Vari-Lase® products shipped within the U.S. Within three business days after execution of the Agreement, VSI is obligated to pay VNUS an aggregate amount of $3.1 million to cover royalties under the Agreement on Vari-Lase products shipped within the U.S. from the launch of the product in 2003 through the end of the first quarter of 2008. Commencing with the second quarter of 2008, VSI will make quarterly royalty payments under the Agreement on on-going U.S. shipments of Vari-Lase products through the remaining life of the applicable patents. VNUS and VSI have also agreed under the Agreement to dismiss all of the pending litigation between the parties.
On June 3, 2008, VSI issued a press release announcing the execution of the Agreement. A copy of the press release is filed as Exhibit 99.1 to this Form 8-K. VSI intends to file the Agreement with its Quarterly Report on Form 10-Q for the period ending June 30, 2008.
This excerpt taken from the VASC 8-K filed Apr 10, 2008.
Item 1.01. Entry into a Material Definitive Agreement.
On April 8, 2008, Vascular Solutions, Inc. (the Company) entered into a settlement agreement (Agreement) with Diomed, Inc. (Diomed) relating to the previously disclosed litigation entitled Diomed, Inc. v. AngioDynamics, Inc. and Vascular Solutions, Inc. that was filed in the U.S. District Court for the District of Massachusetts (the Court). A copy of the Agreement is filed with this Form 8-K as Exhibit 10.1 and the description below is qualified in its entirety by reference thereto.
Pursuant to the Agreement, (i) the Company will make a one-time payment of $3.586 million to Diomed, (ii) the Company and Diomed will jointly request that the United States Court of Appeals for the Federal Circuit dismiss the pending appeal by the Company, and (iii) Diomed will provide to the Company a satisfaction of judgment, releasing the Company from the monetary obligation imposed by the Court on August 3, 2007 in its entirety of the judgment against the Company. The Agreement will become effective upon approval by the Court which is expected to occur on April 16, 2008.
A copy of the press release is furnished as Exhibit 99.1 to this Report.
This excerpt taken from the VASC 8-K filed Dec 28, 2007.
Item 1.01. Entry into Material Definitive Agreement
On December 26, 2007, Vascular Solutions, Inc. (the Company) amended the Loan and Security Agreement, dated December 31, 2003 (the Agreement) with Silicon Valley Bank in order to increase its available revolving line of credit, provide for Letters of Credit as part of its revolving line of credit, and to extend the term of the Agreement.
The Companys new line of credit includes a limit of up to the lesser of $10,000,000 or up to eighty percent (80%) of the Companys accounts receivable plus up to thirty percent (30%) of the Companys inventory plus up to (75%) of the Companys unrestricted cash held at the bank minus any outstanding letters of credit and revolving advances. Interest accrues at a rate equal to the greater of one-half of one percentage point (0.50%) above the Prime Rate or 7.25%. Revolving advances made pursuant to the Agreement are secured by the Companys property and assets. In addition, the Company may request Letters of Credit as part of its new revolving line of credit.
Pursuant to the terms of the Agreement, the Company is bound by certain affirmative and restrictive covenants, including an obligation to maintain a minimum tangible net worth and minimum adjusted earnings.
The Agreement will remain in effect until December 25, 2009.
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.