Here are four updates on gastroenterology and endoscopy companies.
Tokyo, China-based Olympus reached a settlement with its foreign investors for $34 million in damages over an accounting scandal. In 2012, Olympus allegedly made several irregular payments for its acquisitions that resulted in a significant asset impairment charges. False financial statements concealed approximately ¥376 billion yen.
Olympus received FDA 510(k) clearance of claims for its Endocuff endoscopic device. The device aims to improve adenoma detection rates during a colonoscopy over standard colonoscopy.
Bridgewater, N.J.-based Clinical Genomics, a biotechnology company focused on colorectal cancer diagnosis, appointed Mark Boyle president of in vitro diagnostics. Prior to joining Clinical Genomics, he served as vice president of Hilden, Germany-based Qiagen.
Japan's Takeda Pharmaceuticals is exercising its option to develop and commercialize Leuven, Belgium-based TiGenix's Cx601 in Canada and Japan. TiGenix is furthering the drug's development in the United States and is also pursuing market approval in Europe, which it anticipates obtaining in 2017.