Neovasc Inc (NASDAQ:NVCN) said Tuesday it has won a victory as Edwards Lifesciences (NYSE:EW) has settled its patent infringement action in Canada against the medical device company on a no-costs basis.
Investors welcomed the legal advance, sending Neovasc shares up 9.5% to $0.82 in Tuesday afternoon trading.
Headquartered in Vancouver, Neovasc makes products to correct deficiencies in the heart.
Its products include the Neovasc Reducer for the treatment of refractory angina, and the Tiara, a transcatheter device that treats mitral regurgitation, a heart condition that is often severe and can lead to heart failure.
The Neovasc Reducer is not currently commercially available in the US, but has been on the market in Europe since 2015. The Tiara, meanwhile, is under clinical investigation in the US, Canada and Europe.
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