Healthcare Business Update: Peregrine Rebounds, Merck Settles Old Lawsuit

Shares of Perigrine Pharmaceuticals Inc. (NASDAQ:PPHM) gained about half their value Tuesday, but that doesn’t mean a whole lot when taking into account its 75 percent tumble on Monday. That collapse was brought on by the news that previously released results from a midstage cancer drug study aren’t reliable because of a third-party error.

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PURE Bioscience (NASDAQ:PURE) reports that it has regained compliance with Nasdaq listing requirements, and thus will remain listed on the Nasdaq exchange.

Shares of Aeterna Zentaris, Inc. (NASDAQ:AEZS) move up modestly on the day following the news that the European Patent Office grants its patent for the use of the ghrelin agonist, AEZS-130, which is related to methods and kits for use in diagnosis of growth hormone deficiency in humans and animals. The patent application has been filed back in 2007 under the title “Methods and Kits to Diagnose Growth Hormone Deficiency”, and will expire in 2027. A patent similar to this has already been granted in the United States.

Merck & Co Inc. (NYSE:MRK) will resolve its Coppertone class action litigation for a figure between $3 million and $10 million. The 2009 acquisition of Schering-Plough left Merck saddled with the almost 10-year old lawsuit, linked to Coppertone sunscreen products.

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