NEW YORK, May 14 - AlphaGene is up for sale, an executive at the company told GenomeWeb today.
"We are in the process of selling the company," said Donald McCarren, president and CEO of the privately held functional genomics firm. "We don't have the resources to fully develop the value inside the company."
It was not immediately clear how a sale would affect AlphaGene's many research collaborations. "Presumably they will be honored," McCarren said.
Since it was founded in 1998, AlphaGene, whose research focuses on neurology and oncology, has struck collaborations with Celera Genomics, Wayne State University, the Lahey Clinic, and DoubleTwist, which gave up the ghost in March and whose assetts are today being auctioned in San Francisco.
"We have ... technologies and patented technologies, as well as an inventory which is incredible in terms of novelty, which is a major asset of the corporation," said McCarren, referring to his company's inventories of full-length human genes.
"In order to pull out those things that would be likely drug targets would take significantly more money than we have available," he said. "We just feel that the best way to realize the value of the corporation to our shareholders is to go down this path."
McCarren said that there have been companies that have showed interest in buying AlphaGene since it was put up for sale "four or five months" ago. He offered no names but said: "We have some oral offers, but nothing that I can ... say that tomorrow I'm going to be making an announcement. In the near future, yes."