Court Denies Medtronic, NuVasive Motions Ahead of Hearing Thursday

Date : 01/25/2012 @ 4:34PM
Source : Dow Jones News
Stock : Nuvasive, Inc. (MM) (NUVA)
Quote : 79.52  -1.52 (-1.88%) @ 2:16PM

Court Denies Medtronic, NuVasive Motions Ahead of Hearing Thursday

Medtronic (NYSE:MDT)
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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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