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On July 31, 2023, NeoGenomics’ competitor, Natera, Inc., announced that it had sued NeoGenomics in federal court, alleging that the Company’s cancer test, the RaDaR molecular residual disease assay, infringed Natera’s patents.
On December 27, 2023, Natera announced that the federal court had issued a preliminary injunction, effective immediately, barring NeoGenomics from making, using, selling, or promoting the RaDaR test, but that NeoGenomics may continue to offer RaDaR to existing patients and for clinical trials, studies, or projects already in process.
The following day, NeoGenomics acknowledged the preliminary injunction, announcing that it would appeal the federal court’s ruling.
On this news, NeoGenomics’ stock price fell $3.71 per share, or 18.1%, to close at $16.79 per share on December 28, 2023.