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Spectranetics search warrant

This article was originally published in The Gray Sheet

Executive Summary

Maker of CVX-300 excimer laser systems is jointly served by FDA and U.S. Immigration and Customs Enforcement with a search warrant Sept. 4, issued by the U.S. District Court, District of Colorado. The warrant requests information and correspondence related to the promotion, testing and marketing of certain products for the treatment of in-stent restenosis and related payments made to medical personnel and one institution; the promotion, testing, delivery and marketing of catheter guidewires and balloon catheters manufactured by third-parties located outside of the U.S.; two post-market studies completed from 2002-2005 and payments tied to those studies; and compensation packages for some Spectranetics personnel. The firm says it is cooperating fully and expects business to continue as usual. The firm's stock price fell 47% on Sept. 4 to $4.73
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