Court Denies Medtronic, NuVasive Motions Ahead of Hearing Thursday
January 25 2012 - 4:34PM
Dow Jones News
A federal court has denied motions for judgment from medical
device makers Medtronic Inc. (MDT) and NuVasive Inc. (NUVA) ahead
of a hearing Thursday.
Last September, NuVasive said a jury awarded Medtronic $101.2
million in damages after ruling that NuVasive infringed on three
spinal-implant patents. The court on Thursday is scheduled to hear
arguments relating to Medtronic's request for a permanent
injunction and NuVasive's request that the court reject the jury
verdict.
The decisions on Wednesday were issued by the United States
District Court for the Southern District of California. The court
denials Wednesday are tentative, ahead of the Thursday hearing.
NuVasive shares rose 19%, to $16.30 on the news. The possibility
of an injunction has hurt NuVasive's shares in recent months.
Rick Wise, an analyst at Leerink Swann, said in a note early
Wednesday that an "injunction seems like a less likely outcome,"
but he noted that NuVasive will likely still have to pay
royalties.
NuVasive reported a third-quarter loss of $67.6 million on
expenses related to the patent case.
NuVasive and Medtronic didn't immediately respond to requests
for comment.
-By Anjali Athavaley, Dow Jones Newswires; 212-416-4912;
anjali.athavaley@dowjones.com
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