Edwards: Court Upholds Medtronic Patent Ruling
NEW YORK (AP) -- Edwards Lifesciences Corp. said Tuesday a federal appeals court upheld a ruling that Medtronic Inc.'s CoreValve System infringes on a patent belonging to Edwards.
Edwards said the U.S. Court of Appeals for the Federal Circuit upheld the patent and an April 2010 ruling by a federal jury, which found that Medtronic was willfully infringing on the patent. The appeals court upheld the jury's decision to award Edwards $73 million in damages. The Irvine, Calif., company and Edwards said it believes a Delaware District Court will order Medtronic to pay "substantial additional damages."
Minneapolis-based Medtronic said it disagrees with the decision and is evaluating its next steps. It said the ruling won't affect global supply of the CoreValve System or clinical trials in the U.S.
The patent covers a prosthetic heart valve that is delivered through a catheter. CoreValve and Edwards' Sapien valve are both designed to be snaked to the heart through an artery, allowing surgeons to put the valves in place without open-heart surgery.
Edwards said it has asked the U.S. Patent and Trademark Office to extend the patent to 2017.
Shares of Edwards Lifesciences gained $1.09 to close at $87.75 on Tuesday. Medtronic stock lost 19 cents and finished at $41.30.