(Reuters) - Biotechnology company Gevo Inc (GEVO.O) said a U.S. district court denied a motion by Butamax Advanced Biofuels LLC for a preliminary injunction against it in a patent suit, driving up its shares by as much as 59 percent.
Gevo said the ruling in the U.S. District Court of Delaware meant that it was again free to sell its products “in any market, to any customer, in any region.” The company said it had not infringed any patents held by Butamax.
Gevo’s shares were up 32 percent at $7.83 in mid-morning trading on the Nasdaq after touching a near two-month high of $9.44.
Butamax filed a suit against Gevo last September, accusing it of infringing a patent related to a method of producing isobutanol using a yeast microorganism.
Isobutanol is colorless, flammable liquid mainly used as a solvent.
Butamax said it would appeal. “This is an early step in a long and complex litigation process,” Butamax CEO Paul Beckwith said in a statement.
Reporting by Swetha Gopinath In Bangalore