Quest Diagnostics Unafraid of the SCOTUS, Stryker Investigated in Poland: Healthcare Business Recap
The idea that the United States Supreme Court could strike down patents on human genes might be quite worrisome to firms such as Quest Diagnostics Incorporated (NYSE:DGX), which bought a company for the rights to such patents for $740 million in 2011. However, company spokeswoman Wendy Bost says that an end to gene patents might be a positive development, because it would open new opportunities to develop new testing services based on gene discoveries.
XOMA Corporation (NASDAQ:XOMA) said on Monday that it has selected active non-infectious anterior scleritis, an inflammation of the sclera (the fibrous white membrane surrounding the eyeball excluding the cornea), as the third indication in its gevokizumab proof-of-concept program. The company is collaborating with the National Eye Institute, one of the United States National Institutes of Health, on designing the protocol for this evaluation. Xoma is a leader in the discovery and development of therapeutic antibodies.
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DARA BioSciences (NASDAQ:DARA) reaches a definitive securities purchase agreement with investors permitting the issuance of $2.8 million of shares of Series B-3 and Series B-4 convertible preferred stock which are convertible into a combined total of 3,684,210 shares of common stock, two-and-one-half-year warrants to buy up to 1,842,105 shares of common stock at an exercise price of $1.05, and five and one half year warrants to purchase up to 1,842,105 shares of common stock at an exercise price of $1.05.
Stryker Corporation (NYSE:SYK) is being investigated in Poland over claims that the American medical equipment firm offered bribes to hospital officials there so as to secure deals. Leszek Golawski, prosecutor in the southern city of Katowice, said that in recent months, dozens of private apartments and offices have been searched for evidence that between 2003 and 2006 employees of the Polish branch of Stryker offered bribes to hospital heads to win tenders worth hundreds of thousands of zlotys. The case involves roughly 100 people and 51 hospitals.