Israeli video-capsule developer Given Imaging said that it has paid its outstanding royalty obligation and accrued interest of approximately $5 million to Israel's Office of the Chief Scientist (OCS).
The Yoqneam, Israel-based firm was obligated to pay the OCS royalties for several programs based on proceeds of product sales in which the Israeli government participated via research and development grants. The repayment will result in a one-time charge of approximately $5.7 million in the fourth quarter of 2007, Given said.
In other news, the company said it has revised the financial effects of the early termination of its cooperation agreement with Ethicon Endo-Surgery. Given now expects to record a pretax gain of approximately $23 million in the fourth quarter of 2007, and an additional pretax gain of approximately $5.4 million in the first quarter of 2008.
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