Irvine-based device maker Axonics Modulation Technologies Inc. (Nasdaq: AXNX) won nine new patents pertaining to its main electrostimulation product, at the same time it’s being sued by Medtronic PLC for patent infringement.
The patents issued to Axonics by the U.S. Patent and Trademark Office concern the company’s lead design, patient remote control, external trial system, wireless charging, current control stimulation, electromyography and internal system electronics of its r-SNM device.
“The volume, subject matter diversity, and breadth of important geographies demonstrate the investment in innovation that Axonics continues to make in the miniaturized and rechargeable sacral neuromodulation technology space,” Chief Executive Ray Cohen said in a statement.
Axonics’ device, which treats overactive bladders and other urinary conditions, in November won FDA premarket approval for overactive bladder use.
Overactive bladder affects an estimated 87 million adults in the U.S. and Europe, Axonics said. Another estimated 40 million adults are reported to suffer from fecal incontinence/accidental bowel leakage which the company’s product also treats.
The company’s sales are expected to increase tenfold to $82.4 million in 2020, according to the average estimate of six analysts.
In the past two months, the company has sold $125 million worth of shares to fund the commercial launch of its SNM device in the U.S., Europe, and Canada.
Around the same time of the FDA premarket approval, Medtronic sued Axonics, accusing it of infringing Medtronic’s InterStim SNM device. Medtronic’s device has not yet received FDA approval. Axonics’ said its implanted devices can last up to 15 years while Medtronic’s current implants last about five years.
Axonics has a $900 million value while the market cap of Medtronic (NYSE: MDT) is $152 billion.
