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Hot stock: QT Vascular gains 5.88% after AngioScore settlement
SHARES of QT Vascular rose 5.88 per cent, or one tick, higher to S$0.018 as at 10.13am on Thursday after the company settled a long-standing dispute.
About 27.1 million shares changed hands, making it the most actively traded counter by volume on the Singapore bourse in the morning.
QT Vascular, a maker of coronary products, said on Wednesday evening that it had reached a confidential settlement agreement with angioplasty firm AngioScore Inc. The agreement aims to "fully and finally resolve all past, present or future disputes" concerning litigated matters between both parties, QT Vascular said.
The settlement resolves a long-running dispute, and the uncertainties surrounding the case, for QT Vascular. AngioScore initiated patent infringement proceedings in 2012 against QT Vascular and its chief executive, Eitan Konstantino, relating to the Chocolate percutaneous (transluminal) angioplasty (PTA). In 2016, a US Appeal court reversed a lower court's ruling that awarded more than US$20 million to AngioScore.
Beyond the legal dispute, QT is in the midst of potential asset sales.
The company is currently engaging with parties on the potential sale of its coronary assets. Medical device maker Medtronic also has an option to purchase Chocolate PTA.
On Tuesday, QT Vascular reported a narrower third-quarter net loss of US$3.73 million for the three months ended Sept 30, from a year-ago loss of US$9.59 million. Revenue increased by approximately US$1.4 million, or 58.7 per cent, to US$3.72 million.