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Our original product in 2014 had patent pending, however, for various reasons we had to abandon the patent/product. We have now invented a similiar product with various differences and we have renamed the product. Can we apply for a patent for this product as there notable differences?

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Yes, as long as the new invention is novel and not obvious from whatever came before you file. Assuming your first application was published, or you otherwise triggered it to be in the public, that first invention is prior art to your current invention. The new version needs to not be obvious in light of the old version + other prior art. Of course, others may have done things after - or before 2014 -that make your new invention not novel or obvious.

Unrelated to patentablity of the new invention, if a consumer/user/purchaser would not see significant value in the new version over the old version, someone could make the old version and potentially compete with you very successfully.

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