BEDFORD, MA, Sep 25, 2013 (Marketwired via COMTEX) — Insulet Corporation PODD -1.51% , the leader in tubeless insulin pump technology with its OmniPod(R) Insulin Management System, today announced it has reached a settlement agreement with Medtronic MiniMed, Inc. et al. to settle the pending patent infringement lawsuit brought by Medtronic MiniMed against Insulet.
The settlement agreement provides for a cross-license of certain patent claims, as well as an agreement between the companies not to sue the other for patent infringement based on any existing product, or any feature, element or component in any currently existing commercially available products. The agreement also provides for a one-time cash payment from Insulet to Medtronic MiniMed. Insulet expects that this payment, together with legal fees associated with the lawsuit, will result in an expense to the Company of up to $10 million.
“We are satisfied to have settled this patent infringement lawsuit with Medtronic,” said Duane DeSisto, President and Chief Executive Officer of Insulet. “This agreement allows us to maintain our focus on the launch of the new OmniPod, which continues to receive an enthusiastic response from both customers and healthcare professionals. In addition, the agreement provides us significant freedom to continue developing the products in our pipeline, including an OmniPod System for the type 2 diabetes market and an OmniPod with integrated continuous glucose monitoring.”
About Insulet Corporation Insulet Corporation PODD -1.51% is an innovative medical device company dedicated to making the lives of people with diabetes easier. Through its OmniPod Insulin Management System, Insulet seeks to expand the use of insulin pump therapy among people with insulin-dependent diabetes. The OmniPod is a revolutionary and easy-to-use tubeless insulin pump that features just two parts and fully-automated cannula insertion. Insulet’s subsidiary, Neighborhood Diabetes, is a leading distributor for diabetes products and supplies, delivered through a high touch customer service model. To read inspiring stories of people with diabetes living their lives to the fullest with OmniPod, visit our customer blog, Suite D: http://suited.myomnipod.com. Founded in 2000, Insulet Corporation is based in Bedford, Mass. For more information, please visit: http://www.myomnipod.com.