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SeraCare reports quarterly profit

MILFORD - SeraCare Life Sciences Inc. yesterday reported its first quarterly profit since emerging from bankruptcy protection in 2007.

SeraCare, which offers biological products for life sciences companies, posted net income of $697,019, or 4 cents per diluted share, during the fiscal third quarter ended June 30, compared to a net loss of $555,310, or 3 cents per diluted share, at the same time a year ago. Third-quarter revenue totaled $11.8 million, compared to $12.4 million at the same time last year.

The company said in a news release it ended its fiscal third quarter with $3.7 million in cash and equivalent securities. SeraCare attributed its results to higher gross margins and cost-control measures.

"This financial accomplishment completes SeraCare's turnaround and now, with several new products on the market, SeraCare is poised for growth as the economy recovers," Gregory A. Gould, SeraCare chief financial officer, said in a news release.

Abbott sues J&J over Stelara

BOSTON - Abbott Laboratories, fighting to void a $1.67 billion patent-infringement verdict won by Johnson & Johnson's Centocor unit, filed a new lawsuit claiming a J&J drug is using its inventions without permission. The patent-infringement complaint filed in federal court claims Centocor's Stelara drug is made using patent-protected technology developed by Abbott. Abbott Park, Ill.-based Abbott seeks a court order to block further use of its inventions and cash compensation.

In June, a federal jury awarded New Brunswick, N.J.-based J&J $1.67 billion - the biggest patent verdict in U.S. history - over Abbott's biggest product, the arthritis drug Humira, which was developed at Abbott Bioresearch Center in Worcester.

The patents in the new case are for human antibodies that bind a substance called interleukin-12, or IL-12, that regulates the immune system. Abbott is testing those antibodies, known as ABT-874, on humans as part of an effort to get U.S. Food and Drug Administration approval for treatment of psoriasis and Crohn's disease. ABT-874 has been developed in Worcester. (Bloomberg News)

From local and wire service reports

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Title Annotation:MONEY
Publication:Telegram & Gazette (Worcester, MA)
Date:Aug 12, 2009
Words:347
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