IRVINE – Axonics, Inc. (NASDAQ:AXNX), a medical technology company, is facing a patent infringement complaint filed by Medtronic (NYSE:MDT) with the U.S. International Trade Commission (ITC) and the U.S. District Court for the District of Delaware.
The complaint, announced today, alleges that Axonics has infringed on two Medtronic patents related to a patient programmer with automated MRI compatibility verification for implantable medical devices.
Raymond W. Cohen, CEO of Axonics, has responded to the allegations, stating that the company believes the claims are an attempt by Medtronic to limit competition and maintain its market position.
Cohen highlighted that Axonics has been a pioneer in developing long-lived implantable devices and introducing full-body MRI compatibility in the sacral neuromodulation therapy category. He affirmed Axonics' commitment to defending itself against these allegations while continuing to focus on innovation and improving patient care.
Axonics specializes in products for adults with bladder and bowel dysfunction and has recently been recognized for its rapid growth, ranking second on the 2023 Financial Times list of the fastest-growing companies in the Americas.
The company is also currently involved in a planned merger with Boston Scientific Corporation (NYSE:BSX), which is subject to stockholder approval and other customary closing conditions. The merger is expected to further strengthen Axonics' position in the medical technology market.
This news follows the filing of a definitive proxy statement by Axonics on February 22, 2024, regarding the upcoming special meeting of stockholders to vote on the merger agreement and related matters.
The legal proceedings with Medtronic are part of the risks associated with the merger, as identified in the forward-looking statements of Axonics. These statements are subject to various risks and uncertainties that could affect the company's future performance.
Investors and stockholders are encouraged to read the proxy statement and other relevant documents filed with the SEC for more information about the merger and the ongoing legal proceedings.
This article is based on a press release statement from Axonics, Inc.
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