Axonics Inc. (Nasdaq: AXNX), an Irvine-based medical device maker of products to treat incontinence, downplayed a claim of patent victory by rival medical device giant Medtronic PLCÂ (NYSE: MDT).
The Patent Trial and Appeal Board (PTAB) of the U.S. Patent and Trademark Office upheld two Medtronic patents in an ongoing patent infringement lawsuit, originally filed by Medtronic in 2019 against Axonics over sacral neuromodulation technologies.
Medtronic said it plans to bring the case to court in front of a jury.
The PTAB invalidated 10 of 15 challenged claims in a Medtronic patent, Axonics said in a statement yesterday.
“Axonics will continue to vigorously defend itself against Medtronic’s claims while we remain focused on fulfilling our mission of changing the lives of patients suffering from bladder and bowel dysfunction,” Chief Executive Raymond Cohen said in a statement.
Cohen, who the Business Journal named as its 2023 business executive of the year in healthcare, has previously said that Medtronic has a history of filing lawsuits against new entrants in markets that they control and “will do anything to slow down a new competitor.”
The latest ruling comes after Boston Scientific Corp. in January announced its plans to acquire Axonics for $3.7 billion.
Shares of Axonics were little changed in the past two trading sessions at $68.36 and a $3.5 billion market cap.
