Medtronic Reaches Settlement of Shareholder Class Action; AstraZeneca Receives Favorable Ruling Print E-mail
By Staff and Wire Reports   
Friday, 30 March 2012 18:45
Below is a look at some of the headlines for companies that made news in the healthcare sector on March 30, 2012.

Medtronic, Inc. (NYSE: MDT) announced the company has reached an agreement in principle to settle a previously disclosed federal securities class action. Under the settlement, the company will make a payment of $85 million to resolve all of the class claims.

The action, initially filed in December, 2008 against the company and certain current and former officers by the Minneapolis Firefighters Relief Association, had sought damages for alleged misrepresentations and omissions by the Company during a period prior to November, 2008. Under the settlement, Medtronic explicitly denies that it made any misrepresentations or omissions or that it otherwise engaged in any wrongdoing.

The proposed settlement is subject to completion of final documentation and preliminary and final court approval. Medtronic expects to record the settlement as a one-time charge in its fourth fiscal quarter ending April 27, 2012.


AstraZeneca (NYSE: AZN) announced the US District Court for the District of New Jersey has found the formulation patent protecting SEROQUEL XR® (quetiapine fumarate) extended release tablets to be valid. The court also ruled that Anchen Pharmaceuticals, Inc., Osmotica Pharmaceutical Corporation, Torrent Pharmaceuticals Limited, Torrent Pharma Inc., Mylan Pharmaceuticals Inc. and Mylan Inc. have infringed the SEROQUEL XR formulation patent. The SEROQUEL XR formulation patent expires in 2017.

This follows a decision made in the UK on March 22, 2012, which found the formulation patent protecting SEROQUEL XR to be invalid. In the Netherlands, however, on March 7, 2012, the District Court in The Hague found the formulation patent protecting SEROQUEL XR to be valid.

AstraZeneca is pleased with the US District Court’s decision, which the company believes underlines the strength of its patents.

Also Friday:

AdCare Health Systems, Inc. (NYSE Amex: ADK)
announced today that it completed its previously announced firm commitment underwritten offering of 1,100,000 shares of AdCare's common stock at a price per share to the public of $3.75, for an aggregate offering amount of approximately $4.1 million.

Amyris, Inc. (NASDAQ:AMRS)
announced today that the Company will participate in the following conferences during the second quarter of 2012

BioClinica®, Inc. (NASDAQ: BIOC)
, a global provider of clinical trial management solutions, today announced a partnership with Mirada Medical, a leading provider of medical image analysis software.

Cambridge Heart, Inc. (OTCBB: CAMH)
, a developer of non-invasive diagnostic tests for cardiac disease, today reported results for its fourth quarter and full year ended December 31, 2011.

Crown Dynamics Corp. (OTCBB: CDYY
) today announces that Mr. John Glassgow has been appointed Chief Financial Officer for Crown Dynamics Corp.

ImmunoGen, Inc. (Nasdaq: IMGN)
today announced that it has initiated Phase II testing of its IMGN901 product candidate for first-line treatment of SCLC.

Teva Pharmaceutical Industries Ltd. (Nasdaq: TEVA)
announces the launch of the authorized generic of Provigil® (modafinil). Provigil® is marketed by Cephalon, Inc., a wholly owned subsidiary of Teva Pharmaceutical Industries Ltd.

Transgenomic, Inc. (OTCBB: TBIO) today announced that Jeana DaRe, Ph.D., Assistant CLIA Laboratory Director at Transgenomic, presented clinical findings from patients tested for nuclear mitochondrial disorders using Transgenomic’s NuclearMitome Test on Thursday, March 29, at the 2012 Annual Meeting of the American College of Medical Genetics (ACMG) in Charlotte, North Carolina.

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