I have found the answer to this question… albeit about 3 years too late for the original poster! I came across the answer because I was having the exact same problem.
For some reason, my version of Cubase seems to have installed duplicate versions of the patch scripts (and other things, like the .dll files that are used for VSTs). This may relate to me having uninstalled and reinstalled at some point. The two versions are in different locations on my C: Drive. One is immediately visible (the one the OP was using) and is not used by Cubase (or not the installation I’m currently using), and the other is in hidden folders.
So the solution is to make sure hidden folders are showing, and look through your drive for the correct version of the ‘patchname’ folder. You can also find it by doing a search for the folder, or if that doesn’t work, try looking for novation drumstation rack (which is one of the presets that is likely to be already in there) and when you find it, click on properties and view the file path.
When you’ve found the correct folder, simply drop the text file into patchnames/inactive/other. Then you open the device manager, and go to ‘install device’ and your synth will be listed.
Just thought I’d post this in case anyone else is about to waste 3 hours of their time trying to figure this out. And also to thank all those above whose answers led me to the solution!
Cheers!