Novo Nordisk Reaches Agreement with Justice Department Print E-mail
By BioMedReports.com Staff   
Friday, 10 June 2011 19:19
Below is a look at some of the headlines for companies that made news in the healthcare sector on June 10, 2011.

Novo Nordisk A/S (NYSE:NVO) announced that it has reached an agreement with the United States Department of Justice and two individuals to settle an investigation and civil lawsuit related to the alleged improper marketing practices in the United States regarding NovoSeven on June 10, 2011.

The Company disclosed this investigation on February 2, 2010 in its 2009 financial statement. Under the agreement, Novo Nordisk A/S will pay $25 million to the settling parties.

The complaint asserts that the Company's United States affiliate, Novo Nordisk Inc. (NNI), improperly promoted NovoSeven for unapproved indications. In addition to the financial settlement, NNI has entered into a five-year Corporate Integrity Agreement with the Office of the Inspector General of the United States Department of Health and Human Services.

Under that agreement, NNI will add additional reporting and other procedures to its compliance program. NNI has also settled a previously disclosed investigation with the office of the United States Attorney for the Eastern District of New York and one individual.

In December 2005, Novo Nordisk A/S was issued a subpoena calling for the production of documents relating to its United States marketing and promotional practices related to its insulin products. This settlement agreement involves a payment from NNI of $1.7 million.


Also Friday:


AspenBio Pharma, Inc. (NASDAQ: APPY), an emerging company dedicated to the development of novel in-vitro diagnostics for humans and bio-pharmaceuticals for animals, has engaged Liolios Group, Inc. to lead its investor relations and financial communications program.

China Cord Blood Corporation (NYSE:CO) ("CCBC" or the "Company"), China's leading provider of cord blood collection, laboratory testing, hematopoietic stem cell processing, and stem cell storage services, today announced preliminary unaudited financial results for the fourth quarter and fiscal year of 2011, which ended March 31, 2011.

Generex Biotechnology Corporation (OTCBB: GNBT) (www.generex.com) today announced the results of the Company's annual meeting of stockholders held on June 8, 2011.

Infrared Systems International (OTCBB: IFRS) subsidiary, AquaLiv, Inc., has released an explanatory statement about its BioTā„¢ Bioinformation Technology.

Insmed Incorporated (NASDAQ:INSMD), a biopharmaceutical company, today announced positive data through six treatment cycles (72 weeks total duration) of its Phase 2 clinical trial program for ARIKACEĀ® (liposomal amikacin for inhalation) in cystic fibrosis (CF) patients with Pseudomonas lung infections.

The following blogs by Bob Lorsch, CEO of MMRGlobal, Inc. (OTCBB: MMRF), were picked up today and are available at http://blog.mmrglobal.com:  June 9, 2011 Natural Knowing.

National Health Partners, Inc. (National Health) (OTCBB: NHPR), a leading provider of discount healthcare membership programs, announced the recent signing of two new significant marketing agreements.

NHS Health Solutions, Inc. (PINKSHEETS: NHSH), currently doing business as Centacom Corporation ("Centacom" or "Company"), is pleased to announce to its shareholders that the Company has successfully entered into a Letter of Intent with Mr. Mike Kendrick of Mineseeker.

In an exclusive interview, Dr. Umesh Bhatia, Ph.D, senior advisor for the Onko-Sure for Radient Pharmaceuticals' (NYSE Amex: RPC) operations in India, has revealed that his group has secured a major new partnership that should clearly benefit Radient and is expected to impact the company's bottom line.

Sono-Tek Corporation (OTCQB: SOTK) today announced that its president, Dr. Joseph Riemer, will be presenting on Monday June 13, 2011, a scientific paper titled: "Enhancing Food Safety via Ultrasonic Spray Coating of Anti-Microbial Agents," at the Institute of Food Technologists' 2011 Annual Meeting in New Orleans.



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