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Neovasc shares pop after Edwards Lifesciences settles patent infringement case

The action, which was settled on a no-costs basis, had previously been lodged in the Federal Court of Canada against Neovasc, Boston Scientific and Livanova

patents filing
Neovasc's products include the Neovasc Reducer for the treatment of refractory angina

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.

The lawsuit had previously been lodged in the Federal Court of Canada against Neovasc, Boston Scientific Corp (NYSE:BSX) and Livanova plc.

Investors welcomed the legal advance, sending Neovasc shares up 9.5% to $0.82 in Tuesday afternoon trading.

READ: Neovasc shares pop on live viewing of implantation of Tiara mitral valve replacement device

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.

Contact Ellen Kelleher at [email protected]

Quick facts: Neovasc

Price: 4.03 CAD

TSX:NVCN
Market: TSX
Market Cap: $44.87 m
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