February 28, 1992
ICN Pharmaceuticals Inc. and its subsidiary, SPI Pharmaceuticals Inc., announced Wednesday that the German Health Ministry has authorized the use of its antiviral drug, Virazole, in aerosol form to treat infants suffering from severe respiratory infections. According to the health care company, about 30,000 infants are hospitalized annually with severe respiratory infections in Germany. Virazole, also known as Ribavirin, is now authorized in 21 countries, including the United States.
July 25, 1997 |
ICN Pharmaceuticals Inc. said Thursday that it has agreed to pay $15 million to settle a lawsuit that accused its chairman of insider trading and the company of misleading investors about its prize drug, Virazole. The Costa Mesa drug maker and its chairman, Milan Panic, will pay about $12 million to end the 2-year-old lawsuit and the company's insurer will pay the rest, according to two individuals familiar with the terms.
May 25, 1991 |
ICN Pharmaceuticals Inc. said Friday that it has agreed to pay $600,000 to settle civil charges that it violated federal laws when it promoted the drug Virazole as a treatment for the AIDS virus. The Costa Mesa pharmaceutical company did not admit or deny any wrongdoing in a consent decree with the U.S. Justice Department. But it said it agreed to settle the 3-year-old allegations to avoid expensive, lengthy litigation.
February 25, 1995 |
The chairman of ICN Pharmaceuticals Inc., pressed by the company's fast-falling stock price and the disclosure of his own questionable stock deals, said Friday that he wants the ICN board to set up a committee "as soon as possible" to investigate the latest developments.
August 15, 1996 |
A Canadian federal appeals court threw out a claim by ICN Pharmaceuticals Inc. that challenged a government agency's jurisdiction over the drug company's prices for its main drug, Virazole. Two weeks ago, the Canadian agency, the Patented Medicine Prices Review Board, ordered the drug company to pay a fine and penalties totaling $1.8 million for "excessively" overcharging hospitals for the drug.
February 23, 1995 |
An angry shareholder has sued ICN Pharmaceuticals Inc., alleging that the company withheld information that its drug, Virazole, was rejected by the Food and Drug Administration last fall as a treatment for hepatitis C. Additionally, the suit accuses company Chairman Milan Panic of profiting by selling a portion of his ICN stock in the months between the time the company was notified of the government's rejection and when it released that information to the public.
March 5, 1986 |
ICN Pharmaceuticals Inc. said Eastman Kodak Co. has agreed to provide $2 million in funding for the first phase of clinical trials of ICN's Virazole drug for the treatment of Acquired Immune Deficiency Syndrome. Kodak, which owns a 5% stake in the Costa Mesa-based pharmaceutical maker, agreed last year to a joint venture for testing of the anti-viral drug, which was developed in 1970.
February 22, 1995 |
Shares of ICN Pharmaceuticals Inc. continued to fall Tuesday in the second day of heavy trading after the company said that federal regulators would not approve its Virazole drug as a treatment for hepatitis C. ICN shares dropped 11.5% to close at $15.38 a share in New York Stock Exchange trading. More than 1.4 million shares traded hands--nearly seven times the company's recent daily average of 205,600 shares.
February 28, 1995 |
Disgruntled shareholders began to call for the resignation of the chairman of ICN Pharmaceuticals Inc. on Monday, saying that allegations of fraud and insider trading have rendered the company's founder incapable of leading ICN out of its latest crisis. In a letter sent Monday to ICN's directors, Seth Glickenhaus asked the ICN board to fire Chairman Milan Panic. Glickenhaus is president of Glickenhaus & Co., a New York investment firm that holds nearly 900,000 ICN shares. Glickenhaus & Co.'
March 5, 1987 |
ICN Pharmaceuticals Inc. was hit with two shareholder class-action lawsuits Wednesday that echo the accusations made in a similar suit filed last week that the Costa Mesa drug maker illegally inflated its stock price. The three lawsuits follow the opening of an equal number of federal inquiries into the company, including an investigation by the House Energy and Commerce Committee. In Wednesday's suits, two ICN shareholders accuse the company, its chairman, Milan Panic, director Roberts A.