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RETRACTABLE TECHNOLOGIES, INC. SETTLES ANTITRUST SUIT AGAINST BECTON DICKINSON (BD) FOR $100 MILLION IN CASH
LITTLE ELM, Texas, July 2, 2004—Retractable Technologies, Inc. (AMEX: RVP), a leading maker of safety needle devices, today announced that it has settled its longstanding federal antitrust suit against Becton Dickinson (BD) for $100 million in cash. After legal fees and other expenses the company will receive the majority of these proceeds. The lawsuit, which was originally filed in a Texas state court in 1998, was scheduled to go to trial in federal court in Texarkana, Texas, with testimony slated to begin July 12.
“This is a major victory for Retractable Technologies, Inc. and healthcare workers in the U. S. and around the world,” said Thomas J. Shaw, President and CEO. “In our view, the substantial amount of this settlement vindicates our allegations that BD has blocked our life-saving technology from being used in American and overseas medical facilities, thereby endangering the lives of thousands of healthcare workers who have suffered accidental needlestick injuries, and millions more patients who have contracted deadly diseases such as HIV/AIDS and hepatitis C through needle reuse. Such injuries are preventable using Retractable’s VanishPoint ® safety needle devices.” Accidental needlestick injuries and the reuse of conventional disposable syringes are widely regarded as being major causes of transmission of HIV/AIDS and other blood-borne diseases, especially in the developing world.
Shaw added, “While we are confident we would have prevailed at trial, we decided to settle because any resulting verdict and judgment would have been subject to the delays associated with an appeal. With this settlement behind us, we will be in a strong position to market our products to customers in the U. S. and overseas by stressing the superior safety, reliability, and cost-effectiveness of our products.”
As part of the settlement with BD, each company released the other from causes of action based on conduct up to the settlement date.
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