LYCOS RETRIEVER 
Vioxx Verdict: Merck Vioxx
built 216 days ago
Inasmuch as Merck is currently facing another 4,200 Vioxx lawsuits, the verdict is not exactly a rousing start for Merck in the defense of the lawsuits. Merck's defense in the lawsuit seemed to be reasonably strong -- that is, Mr. Ernst, who had only taken Vioxx for eight months, died of arrhythmia that Vioxx has not been shown to cause. However, the Brazoria County coroner testified -- over Merck's strenuous objection because of the plaintiff's failure to designate the coroner as an expert prior to trial -- that Mr. Ernst's arrhythmia could have been caused by a heart attack. That testimony seemed to hurt Merck badly, as the Chronicle interviewed an alternate juror who had been dismissed from the trial immediately before deliberations began who remarked that Merck "wasn't doing the right thing by marketing the drug the way they were." Plaintiff's lawyer Mark Lanier accused Merck of dragging its feet after the Food and Drug Administration told it in late 2001 to put a label on Vioxx warning of potential heart risks, and during closing arguments, Mr. Lanier contended that Merck saved $229 million by waiting months to add the warning label. Not surprisingly, that's the amount of of punitive damages awarded by the jury.
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Weitz & Luxenberg, which recently obtained a successful Vioxx verdict against Merck, has filed a lawsuit on behalf of one of their clients who was diagnosed with Fusarium Keratitis after using ReNu with MoistureLoc. The Plaintiff, a resident of suburban Philadelphia, used ReNu with MoistureLoc and was infected with the suspect fungal infection. The infection was so grave she required a corneal transplant. Since then, she has endured months of medical treatment. This fungus, not only being linked to serious eye injuries, including corneal damage, can ... lead to blindness.
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Crude oil futures closed up more than $2 to $65.80 on Friday, but the rally in oil was overshadowed in the afternoon by the Merck/Vioxx verdict in Texas. Oil recovered more than half of the week's losses showing some considerable support at $63 per barrel. That support for higher oil prices is beginning to appear to be a real encounter with supply and demand issues. Media interviews frequently appear to build a case that $65 oil is due to speculative buying. This week ... Goldman Sachs raised its oil price forecast for 2006 to $68 per barrel saying that crude prices can hold at about $60 a barrel for several years to come because oil companies aren't investing enough in new supply. At some point energy users will get squeezed to the point that fuel charges must be passed along to ungrateful consumers.
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Starting Friday afternoon when news of the $253 million Merck Vioxx verdict hit the wires, the press feeding frenzy started. The intrepid reporters at law.com were on it, not once but twice. Other great coverage is available from Tom Kirkendall and Larry Ribstein.
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The Vioxx verdict of $250 million for the plaintiff caused a late day sell-off in Merck of nearly 8%. The predictable follow-on selling of Merck on Monday could provide the source of ignition while steady-to-rising oil prices could provide some flammable vapors to deflate the Dow Industrials to the downside. The lackluster volume this week could "light up" next week. Look for some fireworks as some Wall Street vacationers might return prematurely to get their houses in order.
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The verdict confirms what Parker & Waichman, LLP has maintained for five years: Merck knew that its blockbuster painkiller Vioxx (rofecoxib) was causing deaths, but failed to notify the public. Merck recalled Vioxx on September 30, 2004 after the results of its internal APPROVe study were announced. APPROVe was a multi-center, randomized, placebo-controlled, double-blind study designed to determine the effect of Vioxx on the recurrence of polyps in the colon and rectum. The trial began in 2000 and included 2,600 patients. The study compared 25 mg dose of Vioxx to treatment with placebo. Merck found that after 18 months, Vioxx more than doubled the risk of heart attacks, blood clots, and strokes versus placebo.
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