(RTTNews) - Shares of Moderna Inc. (MRNA) slipped over 5% on Friday morning after the company lost a patent case related to a technology used in its Covid-19 vaccine.
MRNA is currently trading at $71.54, down $3.79 or 5.04%, on the Nasdaq.
Moderna had filed the patent case against Arbutus Biopharma (ABUS) in January last year. Moderna argued that Arbutus patent for lipid nanoparticles, the technology used to deliver messenger RNA to a patients' cells, was unpatentable.
However, the Patent Trial and Appeal Board ruled in favor of Arbutus. The coronavirus vaccine candidate mRNA-1653, being developed by Moderna, is based on the LNP technology.
Arbutus shares are currently trading up 25%.
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