Corcept Therapeutics Inc. (CORT) Tuesday announced that the New Jersey district court has issued a decision that Teva Pharmaceuticals Ltd. (TEVA) does not infringe any asserted claims of Corcept's U.S. Patents 10,195,214 and 10,842,800.
In the pre-market, shares are at $21.39, down 34.14 percent from the previous close of $32.88 on a volume of 949,026.
Corcept is planning to pursue its appeal vigorously.
Corcept's CEO Joseph Belanoff said, "This disappointing decision is based on legal and factual errors we are confident will be reversed on appeal...Failure to recognize the novelty and import of discoveries like these would fundamentally change the law, to the detriment of the many patients whom innovative companies seek to serve."
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