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Syntho Group

Spring Lake, NJ: (Mar-29-07) Scivanta Medical Corporation brought charges against Syntho Pharmaceuticals Inc. and its principal owner, Muhammed Malik, known as the Syntho Group, regarding Scivanta Medical Corporation's exclusive right to distribute the hormone replacement therapy drug, Syntest. In a settlement reached between the parties, the Syntho Group agreed to pay Scivanta Medical an aggregate of $3.1 million of which $250,000 was paid in connection with the execution of the settlement agreement. Scivanta Medical will use the proceeds from the settlement for working capital purposes and to fund the development of the Hickey Cardiac Monitoring System, a minimally invasive two-balloon esophageal catheter system used to monitor cardiac performance. [PRIME NEWSWIRE: SYNTEST DISTRIBUTION]

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Published on Apr-3-07


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