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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Edwards Lifesciences Corp | NYSE:EW | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.19 | 0.22% | 85.25 | 86.95 | 85.20 | 85.85 | 2,327,198 | 01:00:00 |
"Preliminary Injunction Bars Medtronic From Selling CoreValve," at 10:57 a.m EDT, misstated that Edwards Lifesciences had won an earlier patent case against Medtronic in the second and last paragraphs. Edwards actually won an earlier decision in the same patent case.
By Joseph Walker
A federal court has issued a preliminary injunction that bars Medtronic Inc. from selling its recently approved CoreValve product to most new customers in the U.S., a setback for the medical-device maker in its heated battle with Edwards Lifesciences Corp. for sales in the growing market for minimally invasive heart valves.
The ruling was made as part of a patent dispute between the companies. Chief Judge Gregory M. Sleet, of the Federal District Court of Delaware, ruled Friday that the injunction was warranted in part because a jury had previously ruled that Edwards Lifesciences' patents were infringed by Medtronic's CoreValve product.
The court ordered that the injunction go into effect in seven business days. Medtronic said it would appeal the ruling, and request the injunction be delayed until the appeals court decides whether the injunction was properly issued.
Judge Sleet ruled that Medtronic be permitted to continue selling the CoreValve to patients who cannot be implanted with Edwards Lifesciences' devices. Judge Sleet said he was convinced the CoreValve "is a safer device" and produces "better outcomes with a lower risk of death," but that patients' needs had to be balanced by the public interest in enforcing patent rights.
Medtronic's CoreValve, an artificial aortic heart valve that is implanted with a catheter instead of through open-heart surgery, was approved by the U.S. Food and Drug Administration in January. Medtronic is seeking to gain market share from Edwards Lifesciences, whose Sapien aortic valve was until recently the only FDA-approved catheter valve in the U.S. The Sapien was first cleared by regulators in 2011.
The valves are a growth area for medical-device companies, which have suffered from slower sales in core businesses including pacemakers and implanted defibrillators. Edwards Lifesciences has projected its Sapien valves will reach world-wide sales this year of $700 million to $820 million.
A trial court had already found that Medtronic violated Edwards Lifesciences patents in an earlier round of the case, Judge Sleet said in an oral opinion stating the reasoning behind the injunction. He said that Edwards would "suffer a loss of sales and market share" if Medtronic were permitted to continue selling CoreValve in the U.S.
Write to Joseph Walker at joseph.walker@wsj.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
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