NEW YORK, NY / ACCESSWIRE / September 11, 2018 / Acorda shares were deep in the red after a disappointing court ruling on Monday. A U.S. District Court of Appeals has held up a lower court ruling invalidating key patents on Ampyra, the company’s multiple sclerosis drug that accounts for most of its sales. Shares of Avid Bioservices traded fairly flat during the day but soared in after-hours extended trading after reporting stellar first quarter financial results.
RDI Initiates Coverage on:
Acorda Therapeutics, Inc.
Avid Bioservices, Inc.
Acorda Therapeutics, Inc. shares were down 24.5% on Monday on about 3.6 million shares traded. The company, which develops drugs to improve therapies that improve neurological function in people with multiple sclerosis, saw its shares tank after a disappointing ruling by a federal appeals court on patents that pertain to its multiple sclerosis treatment, Ampyra. Acorda announced that the U.S. Court of Appeals upheld by a 2-to-1 vote the U.S. District Court of Delaware's decision to invalidate four Ampyra patents. CEO and President, Ron Cohen, M.D, commented, "We are disappointed by the Court’s decision, as we continue to believe that our AMPYRA patents reflected true invention and were valid. We are reviewing the decision and will consider future options, including the possibility of a further appeal. Following the Court’s original decision in 2017, we prepared a contingency plan that we could face generic competition, implementing a comprehensive corporate restructuring and bolstering our balance sheet. As a result, we are well-capitalized and fully focused on the potential launch of INBRIJA for Parkinson’s disease.”
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Avid Bioservices, Inc. shares were soaring in after-hours trading on Monday after the company reported
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