Looks like Maxygen won their battle against an Amgen patent designed to stop MAXY-G34.
Anyone have any idea how this is likely to affect the company? What stage is the MAXY-G34 product at? Does the company usually issue press releases about this sort of event?
Looks like Amgen lost a reexamination of a key patent related to Neulasta and Neupogen.
Does anyone know anything about this other company, Maxygen? Or about their MAXY-G34 product? Is it anywhere near production?
So it looks like the infringement litigation is stayed pending a decision in the ITC investigation. What I do not see is whether the ITC investigation is also stayed pending the reexamination of the patent by the USPTO. Anyone know? Have the defendants asked for a stay? Did they get one?
Does anyone have any information on how the rejection by the patent office has affected litigation? I understand that courts often stay litigation when the patent office issues a rejection like this. Is there a stay?
"It should come out any day now...RIGHT?"
Don't hold your breath waiting. Judges do as they please. They have the ultimate job security (job for life guaranteed by the constitution). It could come tomorrow... or next year. Hard to buy options with such an uncertain timeline. The one thing that is for sure is that the stock will either blast off or tank whenever the news comes out. This company is an all-or-nothing patent play (with all due respect to the bio-nerds).
Today's decision from the Federal Appeals Court:
Bottom line (p22): "we accordingly reverse the district court's judgment finding that Excela's filing of the ANDA is an act of infringement."
So Excela is free to produce generic version of Alphagan, which is (was) worth about $400M/yr to AGN. Not good.
Yeah, the price seems to be based on high expectations of litigation damages or settlements. If you read through what the patent office said it is pretty clear that their patent is dead and their litigation is all based on this. This stock is at $4.50 but was $1.50 less than 6 months ago.
If, like me, you made a lot of money from Intellectualvalue's heads-up on Friday about the reexams, you may be interested in the latest story posted there. A patent company called LML Payments (ticker LMLP) just got their reexam closed with all claims in their key patent rejected. The stock already tanked once on bad reexam news. No options available for LMLP. Story here:
Looks like SenoRx was acquired by C.R. Bard last year, so there are deep pockets on the other side of this case.
Hologic won an appeal today in its patent case against SenoRx.
They lost earlier in the district court because the court said their patent was invalid. Now the appeals court says it is valid. PR for earlier decision here:
I expect they will issue a PR later today. Not sure what impact it will have.
"the stock stopped going up when the people who were buying finally realized that the "news" was a non-event ... a forgone conclusion on a procedural matter."
How do you figure that the granting of this petition was a foregone conclusion? Looks to me like there was a risk that it would be denied, which would damage the patents and the litigation. The removal of this risk should be worth something IMHO.
That is a key question.
I don't think it is reason 1 because of the high risk for a small return. I don't believe it is 2 either because tobacco companies would not want the risk of getting caught at stock manipulation, again not worth the risk for whatever return it would provide.
That leaves 3. There is a lot of option trading on such a small company. Also, yesterday's trading was bizarre. The speed and volume of the drop was dramatic. While the rise was driven by news, someone sold a lot of shares to stop the news bumping the stock up. There is a lot of open interest in $2 calls, maybe someone really wants them to expire worthless? Or wants to pick up a bunch more before something happens?
Happy Thanksgiving! You got your No. 2. Now what about No. 1 for Christmas? Seriously, what is happening with the USPTO? Does CIGX still have patents or what?