Shares in VirnetX Holding Corp. soared Thursday, a day after Apple Inc. was ordered to pay the company $625.6 million for improperly using its secure communication patent technology.
In midday trading Thursday, shares of the Nevada-based patent holding company were up 55 percent from the previous closing price of $4.79.
About $334.9 million of that sum accounts for royalties for Apple’s VPN on-demand service, which allows users to remotely connect to private networks, according to Bloomberg. The iPhone maker was also ordered to pay $290.7 million for patent infringement related to its iOS FaceTime video calling, iMessage features and VPN on Demand service.
“We are extremely pleased with the jury verdict,” Kendall Larsen, VirnetX CEO and president, said in a statement. “The jury agreed once again that Apple has been using the technology developed by our inventors.”
Apple is expected to appeal the case.
VirnetX won $368.2 million from Apple in a previous 2012 case. But the damage award was thrown out by a U.S. appeals court in September 2014, according to Reuters.