HemCon Medical Technologies, a Portland, Ore.-based device manufacturer, filed for Chapter 11 bankruptcy.
The filing occurred less than a month after the U.S. Court of Appeals for the Federal Circuit ruled that the company has to pay $34.2 million in damages to Marine Polymer Technologies.
The Danvers, Mass.-based devicemaker had sued HemCon for patent infringement in 2006. The March 16 decision affirmed the case's trial court decision, which awarded damages to Marine Polymer.
“Chapter 11 gives us the best opportunities to maximize the value of HemCon and to continue to conduct business operations while we restructure debt, costs and other obligations,” Nick Hart, HemCon's president and CFO, said in a news release (PDF).
HemCon, which develops and manufactures products used to control bleeding, also said in the news release that it plans to file a petition to request that the Court of Appeals for the Federal Circuit rehear the 5-5 decision on claim construction.
The company's European subsidiary is not subject to the bankruptcy filing.