Patlex’s stock soared Monday on heavy trading after last week’s announcement that it scored a partial victory in its court battle to establish patents for laser technology.
Shares of the Chatsworth-based laser company closed at $16, up $4.50, on a trading volume of 182,900 shares, equivalent to about 4% of Patlex’s outstanding stock.
The company announced Friday afternoon that the U. S. Board of Patent Appeals and Interferences upheld Patlex’s right to a patent for an optically pumped laser, a key variety of laser that Patlex said accounts for 30 to 50% of the U. S. laser market.
But Patlex said the board rejected Patlex’s bid for a separate patent on a method for cutting and welding with lasers. The company said it would appeal.
Patlex also is trying to obtain a third laser patent on “gas discharge” technology, used for scientific experiments as well as cutting and welding.
The company has been fighting for patents first sought in 1959 by laser pioneer Gordon Gould, who gave the firm 64% of the income from them in return for carrying on the costly litigation.
Patlex was originally in Westfield, N.J., but moved to California after it acquired Chatsworth-based Apollo Lasers in June, 1985.