Source - SMW
BTG will make a provision of £53.5m in its results for the six months to the end of September to cover the damages and estimated interest plus costs from its dispute with Wellstat Therapeutics.

BTG said the Court of Chancery of Delaware had issued its final order and judgement in relation to the litigation between BTG and Wellstat Therapeutics  which  confirmed the court's ruling, announced by BTG on 20 Sep, that BTG had breached the distribution agreement relating to the commercialisation of Vistogard.

BTG said that as a result the distribution agreement had been terminated and it anticipated returning all rights to Vistogard to Wellstat as soon as practicable. 

BTG said the court had also confirmed its ruling that Wellstat was entitled to damages of $55.8m plus interest and costs. 

BTG said it continued to consider appeal options but pending the outcome of any appeal, it would recognise a provision of £53.5m in its results for the six months to 30 Sep to cover the damages and estimated interest plus costs at that date.

Separately, BTG announced that the US Centers for Medicare and Medicaid Services had published the final fee schedule for new Category I CPT codes for Varithena procedures. 

The codes will be effective from 1 Jan.

BTG said the fee schedule details payments for conducting Varithena treatments in the physician office setting of $1,624.30 for a single vein and $1,697.02 for multiple veins. 

The new CPT codes define Medicare payment rates and enable automatic and electronic processing of claims, providing physicians in the US with further predictability of payment and streamlining the reimbursement process.

BTG chief executive Louise Makin said: 'We believe the new CPT codes are appropriate and have the potential to underpin our current expectations for the product.

'However, we must wait and see how they impact physician adoption and insurer practices, and we should have a better understanding of that by the end of 2018.'