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On Friday, the District Court for the Middle District of North Carolina issued a ruling invalidating specific claims in two patents that Natera Inc. (NASDAQ:NTRA) asserted against NeoGenomics, Inc.'s (NASDAQ:NEO) v1.1 RaDaR test.
Natera said on Friday that it is evaluating its options, including an appeal and further enforcement with other patents.
Natera said these patents are distinct from U.S. Patent No. 11,519,035 (the ‘035 patent), and the decision has no impact on the validity or enforceability of the ‘035 patent.
The ‘035 patent was the basis for a preliminary and then permanent injunction entered against NeoGenomics, which removed its RaDaR v1.0 product from the market.
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The order means that NeoGenomics remains free to broadly commercialize the RaDaR ST assay, formerly RaDaR 1.1.
NeoGenomics has launched RaDaR ST for biopharma customers and has submitted it to the Centers for Medicare & Medicaid Services' (CMS) Molecular Diagnostic Services Program (MolDX) for clinical reimbursement coverage for the RaDaR ST assay.
"We are pleased with the Court's decision to invalidate Natera's asserted patents…" said Tony Zook, CEO of NeoGenomics.
William Blair connected with NeoGenomics' team, which said that RaDaR ST could launch as early as the fourth quarter of 2025.
"We believe investors will view this news as an unexpected and positive win for NeoGenomics," analyst Andrew Brackmann wrote in an investor note on Friday.
Given the recent management changes and a resetting of expectations on guidance, William Blair wrote that much of the investment thesis did not rest on the company's MRD strategy or a near-term launch of RaDaR, thus resulting in a stock price surge on Friday.
William Blair maintains the Market Perform rating, citing that investors will want greater confidence in underlying execution before driving the multiple meaningfully higher.
Price Action: NEO stock is up 24.55% at $8.98 at the last check on Friday.
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