Healthcare Business Wrap Up: Vivus’s Class Action Suit Dismissed, Biolase’s Good News
Vivus (NASDAQ:VVUS) reports the class action lawsuit filed in November 2010 against it and two of its officers has been dismissed with prejudice. The plaintiffs alleged securities fraud by its failure to state certain claims. The complaint had already been dismissed, but the plaintiffs’ leave to amend it was granted. However, this time the same judge has thrown the complaint out entirely, ruling that the allegations were without merit.
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Shares of Biolase (NASDAQ:BIOL) gain more than a third of their value on the day on news that the firm received 510 K clearance from the FDA for its EPIC 10 diode soft tissue laser, and also immediately offered the device for sale in the United States. Additionally, Biolase received the CE Mark for the laser in the European Union and initiated commercial sales there, and in Asian and Latin American countries that also recognize the CE Mark. The moves took place during the final days of its third quarter.
Impax Laboratories’ (NASDAQ:IPXL) and Teva Pharmaceutical Industries’ (NYSE:TEVA) Budeprion XL 300 mg has seen its approval withdrawn by the FDA, which said that new data indicates that it’s not therapeutically equivalent to Wellbutrin XL 300 mg. Both firms have ceased shipments of the product and are thus transmitting detailed information to their customers. However, the FDA said that its withdrawal does not affect the Impax/Teva Budeprion 150 mg product or generic Budeprion products made by other manufacturers.
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