The initial agreement to sell the business was announced in late October. As reported by GenomeWeb News at the time, the firms also entered into a collaboration under which New York-based Pall will establish process proteomics service centers to offer protein purification using BioSepra's chromatography products and Ciphergen's ProteinChip technology.
Ciphergen also said that it will retain certain limited rights to access BioSepra's chromatography sorbent technology for use in research and diagnostic markets.
Ciphergen recently reported a 31-percent decline in third-quarter revenue as sales of its ProteinChip mass spectrometry systems and BioSepra process chromatography products took a hit. The firm's loss for the quarter grew to $9.5 million, or $.33 per share, from a loss of $5.2 million, or $.18 per share, in the third quarter of 2003.
According to ProteoMonitor, a GenomeWeb News publication, the company predicted fourth-quarter revenue of between $11 million and $13 million. Of that amount, between $9.5 million and $11.5 million will be revenues that do not include BioSepra.
"The sale of our BioSepra process chromatography business allows us to focus our financial and business resources on our core research products and emerging diagnostic business," William Rich, CEO of Ciphergen, said in a statement announcing the third-quarter results. "The joint sales and marketing collaboration with Pall Corporation positions us to continue to sell the Protein Chip Systems into the process proteomics market."