Neovasc (NVCN) Receives Adverse Ruling in Patent Litigation with CardiAQ; Will Seek to Stay Payment
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Neovasc Inc. (NASDAQ: NVCN) reported the findings of the Federal District Court regarding several post-trial motions stemming from a trial jury's verdict in May 2016. CardiAQ filed suit against Neovasc in the United States District Court for the District of Massachusetts in 2014.
In the order, Judge Allison D. Burroughs ruled in favor of CardiAQ on the issue of inventorship of Neovasc's '964 Patent. At the same time, 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. Judge Burroughs upheld the jury's verdict and US$70 million award against Neovasc, and awarded US$21 million in enhanced damages to that award.
"While we are disappointed with this outcome, we believe this decision affirms Neovasc's rights to advance the Tiara program and treat patients with this innovative technology and look forward to doing so," said Alexei Marko, CEO of Neovasc. "We are very pleased with the clinical results to date and will continue to work with selected centers to implant Tiara in suitable patients in our TIARA-I Early Feasibility Trial and compassionate use programs."
Upon entry of a judgment by the trial court, Neovasc 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 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.
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