Boston Scientific says it is satisfied with court ruling

Boston Scientific is satisfied with a court ruling that found Johnson & Johnson’s (J&J’s) Bx Velocity and Cypher Stent Systems did infringe on the former’s patent rights.

Founded on the Appeals Court’s ruling, the company now expects to receive a financial award.

However, the firm will not record any fiscal gain until the payment is complete ? a move that is in accordance with accounting regulations.

President and chief executive officer of Boston Scientific Jim Tobin voiced approval of the verdict, adding that it has the potential for “significant” compensation from J&J.

“More broadly, the ultimate resolution of these matters will represent a further reduction in the risk and uncertainty associated with outstanding litigation,” he added.

The firm plans to release its first quarter 2009 results on April 20th.

Last month, the company received three-year results from a clinical trial designed to test the safety and efficacy of the Promus Everolimus-Eluting Coronary Stent.

Associate chief medical officer of Boston Scientific Keith D Dawkins said the data reinforces the value of the firm’s two-drug portfolio.