TXG - NanoString slips after German court awards injunction against its products to 10x Genomics

2023-05-17 16:52:39 ET

10x Genomics ( NASDAQ: TXG ) on Wednesday said it had been awarded an injunction by a German court in its patent litigation against NanoString Technologies ( NASDAQ: NSTG ).

NSTG stock fell 6.6% to $7.95 after hours on the news. Class A shares of TXG were down 2% to $51.49.

"The Munich Regional Court issued a permanent injunction today that - once provisionally enforced against a security bond - requires NanoString ( NSTG ) to stop selling and supplying the CosMx Spatial Molecular Imager (CosMx SMI) instruments as well as CosMx reagents for RNA detection in Germany," TXG said in a statement .

According to TXG, the Munich court found that NSTG's CosMx products infringed on a certain European patent relating to the detection of analytes.

NanoString ( NSTG ) in a separate statement said that the Munich court had come to an "erroneous conclusion" and that it would appeal the injunction.

"The scope and impact of the Munich’s court’s decision is limited solely to Germany. In addition, the decision does not apply to the use of the CosMx SMI instrument for detection of proteins, which NanoString will continue to offer and support," NSTG said.

10x Genomics ( TXG ) in its statement added that it had additionally initiated legal actions against NSTG on more than 12 other patents of which several were related to the patent asserted in Germany.

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