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Ciphergen, UTMB Pen Liver Disease Biomarker Alliance; Shares Continue to Fall in Wake of Revenue Investigation

NEW YORK , Nov. 21 (GenomeWeb News) - Ciphergen and the University of Texas Medical Branch at Galveston plan to discover, validate, and characterize new liver disease biomarkers, the company said today.

 

Under the deal, Ciphergen will provide UTMB with its suite of proteomic solutions, including Deep Proteome, Pattern Track Process, and ProteinChip systems. UTMB will apply the technologies to its own clinical samples, Ciphergen said.

 

Ciphergen will have the first option to negotiate an exclusive license to discoveries made during the agreement and will be part of UTMB's ongoing research in liver disease, the company said.

 

Additional terms of the arrangement were not disclosed.

 

The developments come as Ciphergen's stock continues its downward spiral, falling a total of $.65, or 33.7 percent, since the company said it began investigating its second-quarter earnings on Nov. 7.

 

On Friday, Ciphergen's shares closed down 26 percent to $1.28 as the company continued its investigation.

 

As GenomeWeb News reported, Ciphergen appointed an audit committee to investigate around $500,000 in sales recorded in the second quarter. The stock price slid 7.3 percent on the initial announcement that day.

 

Since then, the share price continued to slide, accelerated by the audit committee's determination on Nov. 17 that second-quarter results should "no longer be relied upon."

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