Neovasc (NVCN) is down 27.5% after the company said it lost a patent case.
CardiAQ filed suit against Neovasc in the United States District Court for the District of Massachusetts in 2014 on the issue of inventorship of Neovasc’s ‘964 Patent.
The judge denied CardiAQ’s motion for an injunction that would have shut down the development of Tiara, thus allowing Neovasc to continue development and commercialization of Tiara, while also denying Neovasc’s motions for a new trial. The judge upheld the jury’s verdict and US$70 million award against Neovasc, and awarded US$21 million in enhanced damages to that award.
Neovasc said it will immediately seek to stay the payment of the US$70 million damages award, and the enhancement to that award, until after an appeal of the basis for that award and enhancement is complete. The company said it will appeal the validity of the award, as well as the ruling on inventorship. The appellate process may take up to a year to complete.