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VANCOUVER - AbCellera Biologics Inc. (NASDAQ:ABCL) received a favorable ruling from the United States Court of Appeals for the Federal Circuit, which affirmed the validity of its U.S. Patent No. 10,087,408. The patent in question covers microfluidic devices and their use in culturing and selectively recovering cells. The company, currently valued at $615 million, maintains a strong balance sheet with more cash than debt, according to InvestingPro data.
The challenge to the patent’s validity was brought by Bruker Cellular Analysis, Inc., a subsidiary of Bruker Corporation, on grounds of anticipation and obviousness over the prior art. However, the U.S. Patent Trial and Appeal Board (PTAB) previously rejected Bruker’s arguments, a decision now confirmed by the Federal Circuit’s Rule 36 Order.
This legal affirmation is part of ongoing multi-patent infringement litigation between AbCellera and Bruker in the U.S. District Court for the Northern District of California. AbCellera’s Chief Legal and Compliance Officer, Tryn Stimart, JD, expressed satisfaction with the court’s decision, emphasizing the company’s commitment to protecting its intellectual property and its anticipation of proving Bruker’s infringement in the pending district court case. Despite strong liquidity with a current ratio of 10.15, InvestingPro analysis shows the company faces challenges with revenue declining 35% in the last twelve months.
AbCellera is known for its work in the discovery and development of antibody medicines, tackling a range of therapeutic areas such as cancer, metabolic and endocrine conditions, and autoimmune disorders. The company’s platform combines technology, data science, and interdisciplinary teams to address complex antibody discovery challenges. While AbCellera focuses on advancing its internal pipeline of drug programs, it also collaborates on drug development with partners.
The information in this article is based on a press release statement from AbCellera Biologics Inc.
In other recent news, AbCellera Biologics reported a challenging fourth quarter for 2024, with revenues of $5.1 million, falling short of the anticipated $7.58 million. The company also disclosed a net loss of $0.12 per share for the quarter, compared to a $0.16 loss per share in the same period the previous year. For the full fiscal year, revenues declined to $28.8 million from $38.0 million in 2023, with a net loss of $0.55 per share. AbCellera highlighted progress in its transition to a clinical-stage biotech, with two partnered molecules entering clinical trials and a new partnership with AbbVie on a T-cell engager platform. Benchmark analysts maintained a Hold rating on AbCellera’s stock, reflecting a cautious outlook amid these developments. Additionally, the company showcased promising preclinical data on its prostate-specific membrane antigen x CD3 T-cell engagers, which demonstrated significant tumor cell killing in vitro and substantial tumor growth inhibition in a xenograft mouse model. The company’s strong cash position, with over $650 million in cash, cash equivalents, and marketable securities, was emphasized as it continues to focus on internal program development.
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