Amgen Has Minor Setback in Battle With Roche
Roche Holding AG said the U.S. International Trade Commission has ended an investigation of the Swiss company’s plans to sell a competitor to Amgen Inc.’s profitable anemia treatments. The commission decided not to review an administrative law judge’s decision on Amgen’s bid to block U.S. sales of a Roche drug called Cera.
Thousand Oaks-based Amgen is trying to keep Cera off the market because it would compete with its Epogen and Aranesp, which had combined sales of $5.73 billion last year and accounted for 46 percent of the company’s revenue. Amgen also is suing Roche for infringing its U.S. patents.
In a response to the announcement, Amgen pointed out that the ITC did not rule on the merits of Amgen’s claims against Roche. “Today’s ITC decision does not impact Amgen’s pending patent infringement lawsuit against Roche in federal court, nor does it preclude Amgen from re-filing with the ITC at a later date,” David J. Scott, Amgen’s general counsel, said in a statement.
Peerless Systems Chief to Retire
El Segundo-based Peerless Systems Corp. said Howard Nellor will retire as president and chief executive officer, and assume the role as chairman, once a successor is found. Nellor, 67, has lead Peerless since April 2000.
The company, a provider of imaging and networking technologies for the digital document market, also announced second-quarter net loss of $0.3 million (-2 cents a share), compared with net income of $1.1 million (6 cents) a year ago. Revenue fell 18 percent to $7.9 million. The company said revenue was below prior forecasts due to a delay in signing an individual block license agreement, and the election of a customer to continue a “pay-as-you-go” licensing contract rather than sign a block license agreement.
Apparel Firms Report Tepid Sales
Shares of two Los Angeles-area casual apparel companies took a hit after the companies reported worse-than-expected August sales. Guess? Inc. fell 5.1 percent, to $40.80 after reported same-store sales growth of 4 percent, compared with an estimate of 8.4 percent from Retail Metrics LLC. Hot Topic Inc. dropped 11 percent to $9.88 after reporting same-store sales declined 6 percent from a year earlier.
Image Entertainment Refinances
Chatsworth-based Image Entertainment Inc. announced the closing of a $17
million convertible debenture financing with an institutional investor. Image, a
independent licensee, producer and distributor of home entertainment
programming, will use net proceeds to help finance its recently-announced exclusive DVD and digital distribution deal with Relativity Media.
The company also plans to pay off a revolving credit line with Wells Fargo Foothill that carries a higher interest rate than the debenture. The five-year note bears interest at a fixed annual rate of 7.875 percent and is convertible into 4 million shares of common stock at a fixed conversion price of $4.25 per share.
