|Patent confirmation sends Star Scientific shares higher. Cytori surges on strong revenues|
|By Mary Davila|
|Friday, 11 March 2011 19:41|
Star Scientific, Inc. (Nasdaq:CIGX) jumped more than 24% Friday after the company announced that two of its patents were upheld in a reexamination. The U.S. Patent and Trademark Office affirmed its patents for a tobacco-leaf curing process that prevents bacterial activity in the leaf that leads to the formation of a cancer-causing compound. Star believes the process has the potential to significantly reduce tobacco users' exposure to tobacco toxins.
The two patents in question, so-called ’649 and ’401, were at the center of patent infringement lawsuits against RJ Reynolds in 2001 and 2002. A June 2009 verdict favored RJR, causing Star's stock to drop 73% at that time. Jonnie R. Williams, the inventor of the StarCured process and Star's CEO, stated, "The notices from the Patent & Trademark Office are enormously gratifying to all of us at Star Scientific. We have believed from the beginning in what the StarCured process achieves, and in its potential to significantly reduce tobacco users' exposure to tobacco toxins. "
Star Scientific jumped 58 cents or 24.% to $2.95.
Shares of Cytori Therapeutics (NASDAQ:CYTX) rallied Friday after the company reported 2010 financial results after the bell Thursday. The company said that it grew product sales 41% and made substantial progress in advancing its cardiovascular device product pipeline during 2010. Cytoi gained European approval for the Celution System in breast reconstruction and is working towards FDA clearence.
"Our key initiatives for 2011 will be to drive enrollment in the ADVANCE heart attack trial, seek approval for no option chronic myocardial ischemia patients in Europe, execute our U.S. regulatory and development strategy, and grow the commercial business," said Christopher J. Calhoun, chief executive officer of Cytori. "The pieces are coming together for accelerating revenue growth, with expanded indications, longer-term data, and pursuit of country level payment in key geographies. We anticipate the impact from recent RESTORE-2 data to have a greater effect on revenue growth toward the latter half of the year."
Shares gained 72 cents or 11% to $7.28
Allezoe Medical Holdings, Inc. (OTCBB:ALZM) announces that it has acquired Organ Transport Systems, Inc. (OTS) from Healthcare of Today, Inc. in an all stock transaction.
Callidus Software Inc. (NASDAQ: CALD), the leader in Sales Performance Management (SPM), announced today that MVP Health Care has successfully implemented its ACom3 Commission and Incentive Compensation System and the ACom3 License and Compliance System.