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Ciphergen Shares Slide 5 Percent Despite Bayer Biomarker Alliance

NEW YORK, June 27 (GenomeWeb News) - Shares in Ciphergen were down 5.05 percent, or $.10, at $1.88 in mid-afternoon trading despite a new biomarker alliance with Bayer Pharmaceuticals.

 

The stock briefly traded at $2.17 soon after the collaboration was disclosed this morning before falling to below Friday's close shortly after .

 

As GenomeWeb News reported this morning, Ciphergen said it will help Bayer identify biomarkers and develop an assay that may be used in Bayer clinical trials in cancer.

  

Terms of the agreement call for Ciphergen to use its SELDI-TOF-MS platform to analyze patient samples from Phase II trials at its PharmaceuticalBiomarkerDiscoveryCenterlab in Malvern, Pa.

 

Ciphergen and Bayer will then co-analyze the resulting data to "identify biomarkers predictive of response" to an undisclosed Bayer compound currently in development.

 

Financial terms of the alliance were not disclosed, but Ciphergen said they include upfront fees and milestone payments.

 

Though the deal marks a significant milestone for Ciphergen -- which has been hurt by slumping sales of its flagship SELDI platform in recent quarters -- investors and partners are still awaiting news of a pivotal diagnostic collaboration the company said would be disclosed before the end of the month.

 

Ciphergen, which has had to  undergo a restructuring to offset the sliding revenue, has said it expects biomarker alliances such as the one announced with Bayer to buttress the falling revenues.

 

CEO Bill Rich said in a May statement reporting the company's first-quarter earnings that he is "enthusiastic about the future growth of the company as we continue to address the emerging biomarker proteomics research, pharma and diagnostic markets."

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