Axonics Inc. (Nasdaq: AXNX), a maker of medical devices to treat incontinence, said a jury has returned a unanimous verdict in a patent infringement lawsuit brought by larger rival Medtronic in the U.S. District Court for the Central District of California.
The jury found that Axonics does not infringe any of the three patents alleged in the suit, the Irvine-based company said.
“As we have said since this case was first filed in late 2019, our view is that Medtronic’s lawsuit was initiated to stifle competition, limit patient and physician choice, and protect the incumbent’s monopoly in sacral neuromodulation,” Axonics founder and Chief Executive Raymond Cohen said in a statement.
Medtronic said it “respectfully disagrees with the jury’s verdict and will file post-trial motions, and an appeal, if necessary, to overturn this verdict.” Medtronic also intends to continue its pending case against Axonics at the International Trade Commission.
Cohen was named a winner of the Business Journal 2024 Innovator of the Year award at a Sept. 12 ceremony. For more information, see the Sept. 23 print edition of the Business Journal.
Shares of Axonics were relatively unchanged today at $69.27 and a $3.5 billion market cap. The company is scheduled to be acquired later this year by Boston Scientific.
