Intellia Therapeutics (NASDAQ:NTLA) is up 8% premarket on light volume after the conclusion of arguments in an appeals court hearing over the ownership of CRISPR/Cas9 gene editing technology being disputed between UC-Berkeley and the Broad Institute of Technology in Boston.
In a note, JMP Securities says UC-Berkeley lawyers did a superb job arguing that within six months of Broad's work, six different groups of scientists were able to get CRISPR to work in eukaryotic cells providing clear evidence that Broad did not believe the technique would require innovation around a problem at the time of invention, adding that Broad should have been burdened to demonstrate that the scientists' work did not have a reasonable chance of success. In other words, the scientists expected a positive outcome from their efforts which implies the existence of prior art as a whole.
The appeals court decision, expected in 3 - 9 months, will focus solely on whether the Patent Trial and Appeal Board (PTAB) committed an error of law or if it lacked sufficient evidence to reach its decision.
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