Star Scientific, Inc (NASDAQ:CIGX) fell by 1.75% after hitting its day high of
$2.08 on news of a favorable ruling received by Star by U.S. Patent and
Trademark Office (PTO). Shares trade closed at $1.68 after trading in the range
of $1.64-$2.08 on high volume of 6.89 million shares as compared to the average
trading volume of 0.905 million shares. The shares trade in a 52-week range of
$0.66-$3.69 and have a market capitalization of $200.77 million on 119.50
million shares outstanding. The Company had been granted its request to reopen
the reexaminations of Stars 649 and 401 patents as per the appeals of
reexamination of Stars 649 and 401 patents filed by RJ Reynolds Tobacco Company
(RJR) in a patent infringement lawsuit against RJR. The PTO ruled that
applicable PTO procedures had been satisfied by the Company and that the matters
will now be returned to the panel of examiners for action on the merits of the
patent claims. The Company had previously in May 2010 received a decision of
intent to cancel the involved claims on the ground that Star had not filed a
written record of an examiner interview. Star also provided that the Company's
oral arguments in the June 2009 jury trial of its patent infringement lawsuit
against RJ Reynolds Tobacco Company (RJR) has been heard by the US Federal
Circuit Court of Appeals, located in Washington, DC, on January 11. The
Company is confident to have a favorable ruling in both the lawsuit and patent
reexamination process. Star Scientific, Inc. (Star Scientific) is engaged in the
development of very low-tobacco-specific nitrosamines (TSNA), non-fermented
smokeless tobacco products.
No comments:
Post a Comment