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Fly News Breaks for November 5, 2019
MDT, AXNX
Nov 5, 2019 | 05:37 EDT
Piper Jaffray analyst Adam Maeder says Medtronic (MDT) yesterday filed a lawsuit with the U.S. District Court for the Central District of California alleging that Axonics Modulation Technologies' rechargeable sacral neuromodulation system infringes its U.S. patents. As part of the lawsuit, Medtronic is seeking injunctive relief and damages for alleged intellectual property infringement, the analyst points out. The timing of the lawsuit coincides with Axonics' U.S. commercial launch, says Maeder, who points out that patent litigation is not uncommon in the medical device sector and generally takes a while to play out. He expects Axonics to "defend itself vigorously and continue to sell r-SNM throughout the ongoing legal process."