Pacific Northwest CellCyte Genetics said it will "defend itself vigorously" against three shareholder lawsuits filed this week, and announced...
CellCyte Genetics said it will “defend itself vigorously” against three shareholder lawsuits filed this week, and announced it has hired Philadelphia-based law firm Duane Morris.
The suits allege executives and outside shareholders of the small biotechnology company artificially inflated its stock price and defrauded investors by making misleading claims.
“We look forward to meeting these legal claims in court,” said CEO Gary Reys.
Most Read Business Stories
- The penthouse atop Smith Tower is on the rental market for the first time
- Washington state ‘literally failed workers,’ and fixing the unemployment system won't be easy
- Downtowns will be back, but Seattle has choices to make
- The wave of COVID-19 bankruptcies has begun
- Boutique cruise line Windstar will move its Seattle headquarters to Miami
Stock drops after product approval
ZymoGenetics stock fell 16.6 percent Friday, the most in 5-<133>1/2 years, a day after the company won approval of its first product, a drug to control bleeding in surgery patients.
The approval didn’t keep Kevin Degeeter at Oppenheimer & Co. from downgrading the stock. Degeeter is “concerned about product pricing and market acceptance” of Recothrom, he said in a note to clients. ZymoGenetics says the product will cost 20 percent more than a standard drug derived from cow’s blood.
“We believe ZymoGenetics could trade down to $5-$6 on a soft launch for Recothrom,” Degeeter said in the note. ZymoGenetics closed down $2.16 at $10.89 Friday.
Company to sell shares; stock falls
Seattle Genetics stock declined 6.5 percent Friday after the company announced plans to sell 10 million common shares at $9 each.
The Bothell developer of targeted drugs for cancer expects to raise $84.8 million and use the proceeds to fund research and development, including clinical trials.
Seattle Genetics stock fell 63 cents to $9.07 Friday; the stock has declined 20 percent this year.
Chinese firm files suit over software
Microsoft said it was sued in Beijing on claims it used an application for entering Chinese-language characters onto computers without permission.
The software maker said Friday in an e-mailed statement that it had authorization to use the software developed by Zhongyi Electric, which filed the suit.
Beijing No. 1 Intermediate People’s Court has accepted the lawsuit without setting a date to start a hearing, the official Xinhua news agency reported. Microsoft hasn’t paid Zhongyi in 10 years, the Beijing-based news agency reported, citing Lan Dekang, the Chinese company’s general manager.
Compiled from Seattle Times staff and Bloomberg News