NEW YORK, NY / ACCESSWIRE / July 16, 2018 / Johnson & Johnson shares saw a drop on Friday as traders reacted to last week’s court decision that the company owes $4.69 billion to 22 women over its talc-based products allegedly causing them cancer. The company is vehement on appealing the court order. Biocept shares were skyrocketing on an announcement that it has entered into an agreement with Alliance Global FZ to market and distribute liquid biopsy testing in the Middle East, Southeast Asia, and the Africa region.
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Biocept, Inc. shares closed up 9.77% on nearly 13.6 million shares traded on Friday. Shares soared as much as 86% during the session before retracing. The molecular diagnostics specialist announced a new marketing and distribution agreement with Alliance Global FZ that had Wall Street cheering. As part of the agreement, Alliance Global will take responsibility for all sales, marketing, distribution, and reimbursement of Biocept's "Target Selector" liquid biopsy tests in the United Arab Emirates, as well as select countries and regions in the Middle East, Africa, and Asia. The company's CEO Michael Nall, commented, "We are pleased to partner with Alliance Global to offer patients diagnosed with cancer access to our patented liquid biopsy testing. We now have eight international agreements enabling the distribution of our Target Selector™ tests in 17 countries in addition to the U.S. We are enthusiastic about the opportunities with a capable partner in this important region, and given our strong global intellectual property position, we will continue to be opportunistic in seeking to develop the market for our liquid biopsy solutions internationally."
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Johnson & Johnson shares closed down 1.43% on Friday on trading volume of 8,252,131 shares, slightly higher than usual. The stock fell as much as 1.9% before rebounding after the company was ordered by a jury to pay $4.69 billion to 22 women who alleged the company's talc-based products caused them to develop cancer. J&J is not happy with the order and has said that it is "deeply disappointed in the verdict, which was the product of a fundamentally unfair process." The company has also said it would be appealing. J&J stated, "The multiple errors present in this trial were worse than those in the prior trials which have been reversed." The company faces a staggering 9,000 or so cases related to talc and continues to deny that its products cause cancer. John Beisner, a lawyer for Johnson & Johnson, stated, "One of the hardest things will be prioritizing what to appeal first." Law professor at the University of Florida, Lars Noah, remarked, "J&J has strong arguments, but unless they get to certify this case to the U.S. Supreme Court, which are very long odds, this decision is likely to stand."
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