RadNet (Los Angeles) said that its stockholders approved the adjournment of the annual meeting of stockholders that took place in order to permit the solicitation of additional proxies to vote on the proposed reincorporation of RadNet in the state of Delaware. RadNet adjourned the meeting to June 12 at 10 a.m. PST at RadNet's corporate offices in Los Angeles. The record date for stockholders entitled to vote at the reconvened meeting remains April 14.
The annual meeting was adjourned because an insufficient number of stockholders was present or represented by proxy to approve the reincorporation proposal under applicable New York law. New York statute requires that the reincorporation be approved by the affirmative vote of at least two-thirds of the shares of RadNet common stock outstanding and entitled to vote on the reincorporation.
RadNet stockholders as of April 14 who have not voted and wish to do so should contact Larry Dennedy at MacKenzie Partners at (212) 929-5500 for assistance in casting their vote.
RadNet offers diagnostic imaging services through a network of 160 fully owned and operated outpatient imaging centers.
ECRI Institute issues medical device alert
ECRI Institute (Plymouth Meeting, Pennsylvania), an independent, nonprofit organization that researches the best approaches to improving patient care, has issued a priority medical device alert on its web site recommending immediate volume testing of Curlin Medical's (Huntington Beach, California) 2000 CMS, 4000 CMS, 6000 CMS, and PainSmart series pumps for potential overinfusion of medications. The pumps are used in hospitals and home healthcare settings.
Engineers at ECRI's medical device laboratory tested Curlin pumps and found that doors on the pumps do not fully compress tubing during operation, which may result in intermittent gravity flow, releasing medication too quickly. ECRI Institute emphasizes that there may be no visible indication that a pump permits gravity flow and that volume testing is the only way to determine whether a particular pump has a door problem.
Drug/device companies give more to Dems
Drug and medical device companies are giving more money to Democrats than Republicans this election season. Democrats now are holding the edge with $7.4 million in campaign contributions compared with $7 million for GOP candidates, according to the Center for Responsive Politics (Washington), which tracks political spending.
Over the past six elections, such businesses typically spent twice as much on GOP candidates; in 2002, the ratio got as high as 3-to-1.
"Money follows the power," said Massie Ritsch, the center's communications director. "And it can predict power."
The difference is more pronounced in the presidential race. Drug and device makers have contributed $639,124 to Sen. Barack Obama (D-Illinois), $574,828 to Sen. Hillary Rodham Clinton, D-New York), and $168,300 to Sen. John McCain (R-Arizona). The center calculated the totals based on data released by the Federal Election Commission on Feb. 28.
Billy Tauzin, CEO for the Pharmaceutical Research and Manufacturers of America (Washington), gave two explanations for the spending shift. For one, there is more emphasis on nonpartisanship at his trade group since he took over three years ago, he said. Also, with more Democrats in office now, it stands to reason they would get a greater share of donations.
"It's only natural, if we adopt a nonpartisan position like we did three years ago, we'll find it easier to work with more and more Democrats who want to work with us for the good of patients," Tauzin said.
World Heart gets Nasdaq panel notice
World Heart (Oakland, California) said that it had received a letter from the Nasdaq hearings panel stating that they had received the company's request to appeal the Nasdaq listing qualification staff determination to delist World Heart's securities from the Nasdaq stock market. Accordingly, the delisting action referenced in the Nasdaq staff's determination letter has been stayed, pending a final written decision by the Nasdaq hearings panel.
This letter provided formal notice that the panel will consider the company's appeal at an oral/written hearing. The hearing will be held at 2:30 p.m. on July 10 in Washington.
WorldHeart makes mechanical circulatory support systems.