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Court Denies Medtronic, NuVasive Motions Ahead of Hearing Thursday

By Anjali Athavaley Of DOW JONES NEWSWIRES NEW YORK -(Dow Jones)- 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

Stock News for Nuvasive (NUVA)
DateTimeHeadline
06/17/201516:11:46Statement of Changes in Beneficial Ownership (4)
06/15/201517:40:06Statement of Changes in Beneficial Ownership (4)
06/15/201517:19:58Statement of Changes in Beneficial Ownership (4)
06/15/201517:06:09Statement of Changes in Beneficial Ownership (4)
06/15/201517:00:56Statement of Changes in Beneficial Ownership (4)
06/15/201516:58:20Statement of Changes in Beneficial Ownership (4)
06/15/201516:54:01Statement of Changes in Beneficial Ownership (4)
06/15/201516:45:46Initial Statement of Beneficial Ownership (3)
06/15/201516:40:51Statement of Changes in Beneficial Ownership (4)
06/15/201516:32:39Current Report Filing (8-k)
06/11/201516:19:58Statement of Changes in Beneficial Ownership (4)
06/10/201517:21:17Statement of Ownership (sc 13g)
06/09/201516:18:41Statement of Changes in Beneficial Ownership (4)
06/05/201516:23:34Statement of Changes in Beneficial Ownership (4)
06/03/201516:22:33Statement of Changes in Beneficial Ownership (4)
06/03/201516:16:34Statement of Changes in Beneficial Ownership (4)
06/01/201517:28:28Statement of Changes in Beneficial Ownership (4)
06/01/201517:21:05Statement of Changes in Beneficial Ownership (4)
05/28/201517:03:38Statement of Changes in Beneficial Ownership (4)
05/28/201516:35:43Specialized Disclosure Report (sd)

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