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PolyMedica Corporation has a plan for bouncing back from a costly government settlement: Sweeten its appeal to diabetics. The Woburn, Massachusetts-based company sells insulin, syringes, and blood glucose testing supplies, primarily to Medicare recipients. Now it’s pushing into a broader commercial market-and it has a new GC, Devin Anderson, to help. Anderson, 35, has been at PolyMedica for three years and worked on the team that went head-to-head with the U.S. Department of Justice over alleged Medicare fraud.Those allegations were settled last winter. Anderson replaces William Eck, who recently returned to Greenberg Traurig as a partner. In 2002, after a few years doing securities work at Hale and Dorr, Anderson was eager for new challenges. He heard about an opening at PolyMedica from a former Hale and Dorr partner, Nick Stone, who had become the company’s first GC. Anderson checked PolyMedica out and liked what he saw. It had a strong balance sheet and good prospects for growth. And the in-house team was small. “I knew I didn’t want to be at a company with an enormous legal department,” he says. “At PolyMedica I could get great exposure and be able to participate in management decisions.” But everything wasn’t picture-perfect. The federal government had begun investigating the company in 2001, prompted by former employees who claimed it purposefully shipped diabetes devices to people who hadn’t ordered them-and then did not reimburse Medicare when the supplies were returned. FBI agents raided the Florida offices of PolyMedica subsidiaries Liberty Medical Supply and Liberty Home Pharmacy. Eck joined the company as deputy general counsel in March 2004, and, following Stone’s retirement, became GC in October 2004. In November 2004 PolyMedica agreed to pay the government $35 million to resolve the allegations. Promoted to GC in May, Anderson is now helping map out the company’s new game plan, which includes buying back $150 million of its stock. With the resolution of the government investigation and a new CEO, Anderson is upbeat as ever about PolyMedica’s long-term prospects. “I came to this company with a great amount of optimism about the resolution of the investigation,” he says. “And it paid off.”

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