Friday, November 6, 2009

Sometimes only the Lawyers win.......ZymoGenetics says restraining orders lifted

ZymoGenetics Inc. said Friday that a federal judge in Tennessee has removed three temporary restraining orders imposed on the company over marketing and promotion of its lead drug, Recothrom.
The Seattle biotechnology company (NASDAQ: ZGEN) on Wednesday disclosed that it had been slapped with the restraining orders as part of a lawsuit filed by four companies, including rival King Pharmaceuticals Inc. The lawsuit accuses ZymoGenetics of unfair competition, false advertising, trademark infringement and related claims, ZymoGenetics said.
In a filing Friday with the Securities and Exchange Commission, ZymoGenetics said the judge in Tennessee had vacated the restraining orders, which "have no further force or effect." The company did not elaborate, but said it disputes the lawsuit's allegations and intends to "vigorously defend" itself at a hearing in the case scheduled for Nov. 16.
ZymoGenetics on Thursday said third-quarter revenue increased 131 percent, to $8.5 million, from the same quarter a year ago, due to sales of Recothrom, a bleeding-control drug. The company narrowed its Q3 loss to $11.4 million, or 17 cents a share, from a loss of $28.8 million, or 42 cents a share, in the year-ago quarter.

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