Shares of medical device maker Kinetic Concepts Inc. (NYSE:KCI) rose Wednesday after a jury ruled that rival Smith & Nephew infringed patents licensed to the company. Kinetic Concepts Inc trades on the “New York Stock Exchange” under the stock symbol “KCI”. For the Latest information regarding “KCI”, make sure to visit the Most Exclusive and In Depth newsletter website at: http://www.wallstreetgrand.com/.
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Shares of medical device maker Kinetic Concepts Inc. (NYSE:KCI) rose Wednesday after a jury ruled that rival Smith & Nephew infringed patents licensed to the company. The jury found that two patents used in a Smith & Nephew wound care device infringe on technology owned by Wake Forest University and licensed to Kinetic Concepts. The verdict was handed down in the U.S. District Court for the Western District of Texas. Jurors recommended damages of $1 million for Kinetic and Wake Forest, but the judge overseeing the case will set the actual figure in coming weeks.
Kinetic of San Antonio said it would seek an injunction against Smith & Nephew to prevent the company from continuing to use the patents. London-based Smith & Nephew said in a statement it was "surprised and disappointed by the jury findings," which "are contrary to the facts and the law." The company said it would appeal to overturn the verdict.
Shares of Smith & Nephew fell $1.15, or 2.2 percent, to $50.85 in afternoon trading. Kinetic Concept shares rose $6.15, or 14 percent, to $49.46 and earlier traded at a 52-week high of $53.01.
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