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Star Scientific Shares Jump As Patent Claims Confirmed
53 minutes ago - DJNF


DOW JONES NEWSWIRES

Star Scientific Inc. (CIGX) said Friday the U.S. Patent & Trademark Office has confirmed the validity of the company's patents that are at the center of lawsuits filed against Reynolds American Inc. (RAI) in 2001 and 2002.
Shares of Star jumped 16% to $2.74 in recent trading, while Reynolds American's stock was down 0.4% at $33.61.
The technology-oriented tobacco company, which develops dissolvable smokeless tobacco products to prevent or reduce carcinogenic toxins in tobacco, is currently awaiting a ruling from the U.S. Court of Appeals of a jury verdict that was in favor of R.J. Reynolds Tobacco Co., a unit of Reynolds American.
In late 2009, a judge affirmed a federal jury's earlier ruling that R.J. Reynolds didn't infringe on Star's patent for a method of curing tobacco that reduces some toxins in the end product. In June of that year, a jury in Baltimore rejected Star's allegations that R.J. Reynolds encouraged its farmers to practice the company's curing invention without permission. Jurors ruled that R.J. Reynolds didn't infringe on Star's patent and that the patent was invalid. Star was seeking several hundred million dollars in damages.
Oral arguments on Star's appeal was heard by a three-judge panel of the Court of Appeals in January. The appeal requests that the jury verdict be reversed, as well as seeks a new District Court trial and be reassigned to a new judge.
On Friday, Star said the patent decision terminates a review sought by R.J. Reynolds, and that the decision can't be appealed. A Reynolds American representative wasn't immediately available to comment on the decision.

-By John Kell, Dow Jones Newswires; 212-416-2480; [e-mail]

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(END) Dow Jones Newswires
03-11-11 1411ET
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