United Therapeutics Sets Aside $210M For Possible Justice Department Settlement
The drugmaker's contributions to patient-assistance charity groups are under federal investigation. In other biotech news, bioAffinity raises $4 million to bring its lung cancer test to market and prosecutors deliver closing arguments in the case against Martin Shkreli.
The Wall Street Journal:
United Therapeutics In Settlement Talks With Justice Department
Drugmaker United Therapeutics said Thursday it has set aside $210 million for a possible settlement of a U.S. Justice Department investigation of whether the company’s contributions to patient-assistance charity groups violate federal laws against kickbacks and false claims. (Loftus, 7/27)
San Antonio Press-Express:
BioAffinity Raises $4 Million As Lung Cancer Test Nears Market
San Antonio-based biotech company bioAffinity raised over $4 million as it plans to bring its new lung cancer test to market next year, according to securities filings. ... BioAffinity’s lung cancer test is non-invasive, analyzing the sputum, or phlegm, for signs of cancer. (Pound, 7/27)
The Associated Press:
Prosecutor: Martin Shkreli Repeatedly Lied To Investors
Wealthy investors say former biotech CEO Martin Shkreli told them he was managing tens of millions of dollars’ worth of investments, that they were making double-digit returns and they could withdraw their money at any time. Prosecutors in closing arguments Thursday at Shkreli’s securities fraud trial said it was all a brazen con. The defense countered that no one should feel sorry for the alleged victims because they were high-rollers who ended up doubling or tripling their money. (Hays, 7/27)
