BTG: settlement of US government investigation into LC Bead®
London, UK, 6 October 2016: BTG plc (LSE: BTG), the specialist healthcare company, announces that its Biocompatibles, Inc. subsidiary has reached a settlement with the US government in relation to the Department of Justice's investigation of the marketing of LC Bead®. The investigation focused on the period pre-dating BTG's acquisition of Biocompatibles in January 2011.
Biocompatibles has agreed to settle all allegations and consequently to pay a total penalty of $36m. BTG is not required to enter into a Corporate Integrity Agreement as part of the settlement.
Louise Makin, BTG's CEO, commented: "It is good to resolve this legacy issue. We understand our responsibilities to patients and healthcare providers and, in addition to our robust ethics and compliance programme, we strive to have a corporate culture where we do the right thing, every time. This allows us to focus on what we do best: delivering innovative therapies to improve people's lives."
BTG announced in July 2014 that the investigation had commenced.
BTG's SG&A guidance for 2016/17 did not include the effect of this settlement.
For further information contact:
Andy Burrows, VP Corporate & Investor Relations
+44 (0)20 7575 1741; Mobile: +44 (0)7990 530 605
Stuart Hunt, Investor Relations Manager
+44 (0)20 7575 1582; Mobile: +44 (0)7815 778 536
Chris Sampson, Corporate Communications Director
+44 20 7575 1595; Mobile: +44 7773 251 178
Ben Atwell/Simon Conway
+44 (0)20 3727 1000
BTG is a growing international specialist healthcare company bringing to market innovative products in specialist areas of medicine to better serve doctors and their patients. We have a portfolio of Interventional Medicine products to advance the treatment of liver tumours, advanced emphysema, severe blood clots and varicose veins, and Specialty Pharmaceuticals that help patients overexposed to certain medications or toxins. Inspired by patient and physician needs, BTG is investing to expand its portfolio to address some of today's most complex healthcare challenges. To learn more about BTG, please visit: www.btgplc.com
This information is provided by RNS