PharmaPrint Settles Customer Lawsuits

PharmaPrint Inc., an Irvine maker of dietary supplements, said Wednesday that it has reached a settlement over pending lawsuits with a New Jersey company that once was its only major customer.

Terms of the settlement with American Home Products Corp. were kept secret. Claims and counterclaims will be dismissed.

As a result of the settlement, both parties will continue to produce their separate dietary supplements.

Under a contract, PharmaPrint had made herbal supplements that American Home sold under its Centrum brand. But last fall, American Home gave PharmaPrint one-year notice that it intended to end that agreement.

PharmaPrint stopped shipping the supplements to American Home, accusing the Newark drug maker of using PharmaPrint trade secrets to develop new products.

Shares of PharmaPrint, which fought a losing battle to remain listed on Nasdaq, gained 3 cents in over-the-counter trading to close at 36 cents a share.