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Roche Sees Minimal Elecsys Financial Impact In Wake Of IGEN Court Order

This article was originally published in The Gray Sheet

Executive Summary

Roche Diagnostics expects only a "small percentage" of its Elecsys line of immunoassay analyzers incorporating IGEN's Origen technology will be affected by an upcoming court-ordered transfer of Elecsys physician office laboratory accounts to IGEN.

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Igen

Private equity financing raises $9.5 mil. for R&D and working capital. The sale of 789,075 shares to Acqua Wellington North American Equities Fund was made under a February financing agreement covering the sale of up to $60 mil. of Igen's common stock over 28 months. Separately, a pretrial hearing in the biological detection system firm's 1997 breach of contract suit against Roche Diagnostics relating to a 1992 licensing agreement has dismissed Roche's counterclaim for fraud and struck down Roche's request for punitive damages. The U.S. District Court in Maryland has set a trial date of Oct. 23 (1"The Gray Sheet" April 10, 2000, p. 22)

Igen

Private equity financing raises $9.5 mil. for R&D and working capital. The sale of 789,075 shares to Acqua Wellington North American Equities Fund was made under a February financing agreement covering the sale of up to $60 mil. of Igen's common stock over 28 months. Separately, a pretrial hearing in the biological detection system firm's 1997 breach of contract suit against Roche Diagnostics relating to a 1992 licensing agreement has dismissed Roche's counterclaim for fraud and struck down Roche's request for punitive damages. The U.S. District Court in Maryland has set a trial date of Oct. 23 (1"The Gray Sheet" April 10, 2000, p. 22)

IGEN v. Roche

Maryland federal appeals court affirms a 1998 preliminary injunction against Roche Diagnostics Jan. 4, enjoining the firm from marketing IGEN's Origen technology under a 1992 licensing agreement to physician office laboratories (POL), which IGEN claims Roche violated. Under the injunction, Roche is required to turn over all POL customers to IGEN and escrow all POL sales. Estimating that Roche has 200-300 POL customers generating in excess of $10 mil. in annual sales, IGEN alleges that Roche's reported $7.4 mil in escrow from 100 POL customers "does not represent all of the revenue required to be placed in escrow"

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