UNITED STATES
SECURITIES EXCHANGE AND COMMISSION
Washington, D. C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
October 23, 1997 (October 21, 1997)
ARTERIAL VASCULAR ENGINEERING, INC.
(Exact name of registrant as specified in its charter)
0-27802
(Commission File Number)
Delaware 94-3144218
(State or other jurisdiction of (IRS Employer Identification No.)
incorporation or organization)
3576 Unocal Place, Santa Rosa, California 95403
(Address of principal executive offices) (Zip Code)
(707) 525-0111
(Registrant's telephone number, including area code)
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ITEM 5. OTHER EVENTS.
On October 21, 1997, Arterial Vascular Engineering, Inc. (the "Company")
received notice that it had been named as an additional defendant along with
Boston Scientific Corp. and SciMed Lifesystems, Inc. in a lawsuit filed by
Cordis Corp. against Guidant Corp. and Advanced Cardiovascular Systems, Inc. in
federal district court in Delaware. The suit against Guidant and Advanced
Cardiovascular Systems was filed October 3, 1997. The lawsuit alleges
infringement or potential infringement of one or more US patents held by Cordis.
The Company is currently reviewing the lawsuit and believes that it has
meritorious defenses to the patent claims alleged by the plaintiff in the
lawsuit. However, no assurance can be given as to the outcome of the lawsuit.
The inability of the Company to prevail in the lawsuit, including the loss or
impairment of the right to produce products in the United States, could have a
material adverse effect on the Company's business, financial condition and
results of operations.
ITEM 7. EXHIBITS.
1. Press Release, dated as of October 22, 1997, entitled "AVE Added to Patent
Suit."
2.
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SIGNATURES
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, thereunto duly authorized.
ARTERIAL VASCULAR ENGINEERING, INC.
Dated: October 23, 1997 By: /s/ Scott J. Solano
----------------------
Scott J. Solano
President and Chief Executive
Officer
3.
<PAGE>
INDEX TO EXHIBITS
1. Press Release, dated October 22, 1997 entitled "AVE Added to Patent Suit."
4.
[AVE LOGO]
ARTERIAL VASCULAR ENGINEERING, INC.
Contact: John Miller FOR IMMEDIATE RELEASE
Vice President of Finance
Chief Financial Officer
Arterial Vascular Engineering, Inc.
(707) 525-0111
AVE ADDED TO PATENT SUIT
Santa Rosa, CA - October 22, 1997 -- Arterial Vascular Engineering, Inc.
("AVE") (Nasdaq National Market: AVEI) today announced that it had received
notice that it had been named as an additional defendant along with Boston
Scientific Corp. and SciMed Lifesystems, Inc. in a lawsuit filed by Cordis Corp.
against Guidant Corp. and Advanced Cardiovascular Systems, Inc. in federal
district court in Delaware. The suit against Guidant and Advanced Cardiovascular
Systems was filed October 3, 1997. The lawsuit alleges infringement or potential
infringement of one or more US patents held by Cordis.
"We are not surprised by Cordis' actions and believe it is based on the
loss of market share they have suffered outside the US to next generation
coronary stents" said Scott Solano, President and CEO. "We have reviewed the
lawsuit and believe we have meritorious defenses to the claims alleged and we do
not believe this will impact our ability to successfully commercialize our stent
systems in the US."
AVE filed a premarket approval application with the US Food and Drug
Administration on its coronary stent systems on August 4, 1997. AVE does not
expect US approval for its stent systems prior to 1998.
Headquartered in Santa Rosa, California, Arterial Vascular Engineering,
Inc. is a leading provider of highly specialized stent and balloon angioplasty
systems for less invasive interventional treatment of cardiovascular disease.
AVE sells its stent and balloon angioplasty systems in more than 40 countries
outside of the United States.
Except for the historical information contained herein, this news release
contains forward-looking statements that involve risks and uncertainties,
including statements regarding the anticipated outcome of litigation, as well as
the other risks detailed from time to time in documents filed by AVE with the
SEC, including the report on Form 10-K for the year ended June 30, 1997.
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ARTERIAL VASCULAR ENGINEERING, INC.
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3576 UNOCAL PLACE Tel: (707) 525-0111
SANTA ROSA, CALIFORNIA 95403 Fax: (707) 525-0114
