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An injunction that blocked NeoGenomics (NASDAQ:NEO) from selling its cancer test, the RaDaR assay, was affirmed by an appeals court.
A federal court in North Carolina has issued a preliminary injunction barring NeoGenomics (NEO) from manufacturing and selling its cancer test, the RaDaR assay, in a patent lawsuit involving Natera (NASDAQ:NTRA) late last year. The ruling sent NeoGenomics shares plunging 18% on Dec. 28.
On Friday, the U.S. District Court for the Middle District of North Carolina affirmed the lower court’s decision.
“NeoGenomics has not shown abuse of discretion in the district court’s decision to grant Natera’s motion for a preliminary injunction,” according to the court opinion released on Friday.
NeoGenomics (NEO) shares rose 1.1% on Friday, while Natera (NTRA) edged lower by 0.3%.