Axonics Responds To ITC Action By Medtronic; CEO Says "We Believe Medtronic's Claims Are Designed To Stifle Competition, Limit Patient And Physician Choice, And Protect The Incumbent's Market Position"

Author: Benzinga Newsdesk | February 29, 2024 05:20pm

Axonics, Inc. (NASDAQ:AXNX) today announced that it has received notice that Medtronic has filed a complaint with the U.S. International Trade Commission (ITC), along with a parallel action in U.S. District Court for the District of Delaware. The complaint alleges that Axonics infringes two Medtronic patents that purportedly relate to a "patient programmer with automated MRI compatibility verification" for an implantable medical device.

"We believe Medtronic's claims are designed to stifle competition, limit patient and physician choice, and protect the incumbent's market position," said Raymond W. Cohen, chief executive officer. "For over 20 years, Medtronic took advantage of its monopoly position in this category and chose not to innovate, develop full-body MRI compatible sacral neuromodulation devices or invest in creating public awareness of advanced therapies for people with incontinence. Axonics took a different path and created a renaissance in sacral neuromodulation therapy by developing long-lived implantable devices and introducing full-body MRI compatibility in this category for the first time. Axonics refuses to be intimidated by Medtronic and intends to defend itself vigorously. In the meantime, we remain focused on innovation for improving the lives of patients with incontinence and continuing on our path to market leadership."

Posted In: AXNX MDT