Given Imaging pays royalties to Israeli government
Given Imaging has paid its outstanding royalty obligation and accrued interest of approximately $5 million to Israel's office of the chief scientist (OCS) of the Ministry of Industry, Trade and Labor.
Given of Yoqneam, Israel, said it was committed to pay royalties for several programs to the OCS on proceeds from sales of products that the Israeli Government participated in by way of research and development grants.
The repayment will result in a one-time charge of approximately $5.7 million to its income statement in the fourth quarter of 2007, according to the company.
Given also announced that based on an acceleration of the termination of the cooperation agreement with Ethicon Endo-Surgery, it has revised its estimates of the financial effect of the termination of the cooperation agreement with Ethicon Endo-Surgery.
Given of Yoqneam, Israel, said it was committed to pay royalties for several programs to the OCS on proceeds from sales of products that the Israeli Government participated in by way of research and development grants.
The repayment will result in a one-time charge of approximately $5.7 million to its income statement in the fourth quarter of 2007, according to the company.
Given also announced that based on an acceleration of the termination of the cooperation agreement with Ethicon Endo-Surgery, it has revised its estimates of the financial effect of the termination of the cooperation agreement with Ethicon Endo-Surgery.