This article was originally published in The Gray Sheet
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)
You may also be interested in...
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.
FDA action awaits Sun’s manufacturing facility in Halol after it failed to adequately address GMP deviations, though India’s top-ranked drug firm appears to have effectively lowered its dependence on the site that has had a patchy compliance run.
In a surprise to the market, Dr Reddy’s and Hikma have prevailed in challenging six method-of-use patents shielding Amarin’s Vascepa in the US, opening the door for a potential at-risk launch that would likely be challenged by the originator.