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FROM THE ARCHIVES: March 25, 2003

Diomed's EVLT Gets Approval From Health Canada


ANDOVER, Mass. (Dow Jones)-Diomed Holdings Inc.'s (DIO) EndoVenous laser system cleared Canadian regulatory approval to treat varicose veins.

In a press release Tuesday, the company said the health clearance will allow it to expand the promotion of the treatment. Diomend hired Sigmacon Health Products Corp., Toronto, as the exclusive Canadian distributor of the EVLT lasers and EVLT optical fiber kits to physicians.

EndoVenous is already approved as a varicose-vein treatment in the U.S.

Separately, Diomed said it named Gary Brooks and David Swank directors, increasing the board to seven members. Brooks and Swank were named to the company's audit committee, with Swank serving as committee chairman.

Turnaround consultant and crisis manager Brooks is chairman and chief executive of Allomet Partners Ltd. Swank is president of BrookstoneFive Inc., a private consulting firm he founded in 1997.

In January, Diomed named James Wylie Jr. chief executive and president and Geoffrey Jenkins as chairman. The men replaced Peter Klein and James Arkoosh, respectively, who both resigned.

Diomed officials weren't immediately available to provide additional information, such as financial terms of the Sigmacon deal or board composition.

American Stock Exchange-listed shares of Diomed recently traded at 17 cents, up 7 cents a share, or 70%, on composite volume of 211,300 shares. The laser technologies developer has an average daily volume of 42,767 shares.

Company Web site:

-Eamon Beltran; Dow Jones Newswires; 201-938-5400

Updated March 25, 2003 8:34 a.m.

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