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FREMONT--- Ciphergen Stockholders Approve Sale of Life Science Research Business to Bio-Rad Laboratories |
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Bio-Rad Laboratories, Inc. |
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| 10/27/2006 @ 7:40 AM
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Ciphergen Biosystems, Inc. (NASDAQ:CIPH) today announced that is has received stockholder approval to sell its proprietary proteomics instrument business to Bio-Rad Laboratories, Inc. (AMEX:BIO) . Bio-Rad will purchase this business for approximately $20 million in cash. In addition, Bio-Rad will make a $3 million equity investment in Ciphergen. Ciphergen expects to close the transaction on or before November 1, 2006.
"With the approval of the sale of the instrument business, Ciphergen completes its transition into a specialty diagnostics company and is well-positioned to bring high-value molecular diagnostics to physicians and their patients," said Gail S. Page, President and Chief Executive Officer of Ciphergen. "The Ciphergen management team has extensive experience in all aspects of diagnostic development -- ranging from biomarker discovery and validation to clinical trial design and commercialization."
Ciphergen expects to have approximately 50 employees dedicated to introducing diagnostic tests that address unmet clinical needs in oncology/hematology, cardiology and women's health. The Company's initial oncology program is focused in ovarian cancer. The Company entered a three-year strategic alliance with Quest Diagnostics in 2005 to develop and commercialize novel proteomic diagnostic tests from its pipeline, including the first proteomics-based test for ovarian cancer.
"We anticipate that our first diagnostic test will be used as an adjunct to other diagnostic methods to help physicians in the differential diagnosis of a persistent pelvic mass," continued Ms. Page. "As planned, we are initiating a prospective clinical trial to support our submission to the FDA for clearance as an in vitro diagnostic test in the U.S. and to additional regulatory agencies in other countries."
Bio-Rad Transaction Details
Under the terms of the transaction agreements, Bio-Rad will manufacture, sell and market the Surface Enhanced Laser Desorption/Ionization (SELDI) technology to the life sciences market for proteomics applications that include biomarker discovery, characterization and validation. Ciphergen will retain exclusive rights to the diagnostics market. In addition, Ciphergen will enter into a supply agreement with Bio-Rad whereby Ciphergen will purchase instruments and consumables for the continued development of its diagnostics business.
Conference Call Planned to Review Corporate Progress
Management will host a conference call and webcast on Tuesday, November 7, 2006 at 10:00 a.m. ET to provide a detailed update on its focus and plans for establishing Ciphergen as a leading diagnostics services company. The Company plans on releasing its third quarter 2006 financial results before markets open on November 7, 2006. To listen to the live webcast of the conference call, please visit the "Investors" section of the www.ciphergen.com web site. A telephonic replay of the conference call will be available two hours after the call and will be available until Tuesday, November 21, 2006. The replay number for domestic callers is 1-800-633-8284 and for international callers +1-402-977-9140. The reservation number for both domestic and international callers is 21308074. In addition, an archived webcast of the conference call will be available under the "Investors" section of the company's website at www.ciphergen.com .
About Ciphergen
Ciphergen Biosystems, Inc. is dedicated to the discovery, development and commercialization of novel high-value diagnostic tests that help physicians diagnose, treat and improve outcomes for patients. Ciphergen, along with its prestigious scientific collaborators, has ongoing diagnostic programs in oncology/hematology, cardiology and women's health with an initial focus in ovarian cancer. Based in Fremont, California, more information about Ciphergen can be found on the Web at www.ciphergen.com/ . |
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