Neovasc Inc (US) ׂ(NVCN) Falls Short in Tiara Patent Appeal
Neovasc Inc (US) (NASDAQ:NVCN) reported today, in a non-precedential opinion, a panel of the United States Court of Appeals for the Federal Circuit affirmed the judgment of the United States District Court for the District of Massachusetts in the case of CardiAQ Valve Tech., Inc. v. Neovasc Inc. The panel also affirmed the district court’s decision not to enjoin Neovasc’s Tiara™ program.
In summary, if the judgement is not altered through additional appellate proceedings, Neovasc must pay the full judgement of approximately US$112 million, of which approximately US$70 million is already held in an escrow account. There are no other monetary damages arising from this award; and Neovasc remains the joint inventor of the ‘964 patent, one of the patents in the Tiara™ patent family, along with two employees of CardiAQ Valve Technologies, Inc., both parties having freedom to use the patent without an obligation to pay royalties to the other.
Neovasc is presently considering whether to pursue further appellate review of the panel’s decisions on the other issues presented by the judgment and will continue to evaluate all other options.
Shares of Neovasc are currently trading at $1.19, up $0.40 or 51%. NVCN has a 1-year high of $3.34 and a 1-year low of $0.45. The stock’s 50-day moving average is $1.06 and its 200-day moving average is $1.39.
Neovasc, Inc. operates as a medical device company that develops, manufactures, and markets products for the rapidly growing cardiovascular device marketplace. Its products include the Neovasc Reducer for the treatment of refractory angina and the Tiara technology in development for the transcatheter treatment of mitral valve disease. It operates through the following geographical segments: U.S., Europe, and the Rest of the World.