Applied Precision Sells Life Sciences Unit to Telegraph Hill and Execs
Applied Precision LLC said this week that it has sold its Life Sciences business to a group led by its senior management and investment company Telegraph Hill Partners for an undisclosed sum.
The Seattle-area company offers imaging, measurement, and analysis systems to life sciences customers and OEM markets.
Under the agreement, the San Francisco-based Telegraph Hill and Applied Precision management parties acquired the DeltaVision microscopy-based imaging systems assets and OEM products, including the arrayWoRx scanner platform and related control solutions.
The company, now called Applied Precision Inc., will remain in its current headquarters in Issaquah, Wash., and will continue to be run by Chairman and CEO Ron Seubert, President Joe Victor, and CFO Steve Reichenbach.
The company said the transaction closed on April 29.
Epigenomics' Q1 Revenues Increase 12 Percent as It Cuts Net Loss
Epigenomics said this week that its revenues increased 12 percent and its net loss decreased by the same amount for the first quarter ended March 31.
The Berlin-based molecular diagnostics firm reported revenues of €916,000 ($1.4 million), compared to revenues of €820,000 in the first quarter of 2007. Epigenomics said licensing deals brought in €620,000 of the revenue, while its diagnostics business contributed €106,000 and its biomarker solutions business brought in €190,000.
The firm’s net loss for the first quarter was €2.9 million versus a net loss of €3.3 million a year earlier.
Its R&D costs dipped slightly to €2.4 million from €2.5 million year over year. It said that its marketing and business development costs decreased 52.5 percent to €225,000, and its general and administrative expenses dropped 16 percent to €917,000 from €1.1 million.
Epigenomics finished the quarter with liquid assets of €21.2 million.
Med BioGene Posts 2007 Net Loss of $2.4M
Med BioGene reported last week a 31.4 percent decrease its fiscal 2007 net loss.
The Vancouver, BC-based firm reported a net loss of $2.4 million, or $.09 per share, compared with a net loss of $3.5 million, or $.20 per share, for fiscal 2006. It said that the decrease was due to $2.3 million in charges in 2006 related to the acquisition of Dragon-Tex and the listing of its shares on the TSX Venture Exchange.
Med BioGene reported no revenues for full-year 2007. The firm is working on the development and commercialization of its LungExpress Dx gene expression prognostic assay for patients with early-stage non-small cell lung cancer. It licensed exclusive, worldwide rights to the test last week from the Ontario-based University Health Network.
Med BioGene said that its R&D expenses more than doubled to $1.2 million from $565,168 in 2006, while its general and administrative costs also doubled to $1.2 million from $647,084 in 2006.
As of Dec. 31, Med BioGene had $1.4 million in cash and cash equivalents.
Invitrogen to Distribute Sequenom's MassArray in South, Central America
Sequenom announced last week that Invitrogen will be the exclusive distributor of its MassArray systems and consumable products in South and Central America.
“Among our top priorities is expanding our geographic reach and this agreement provides us with an entrée into Central and South America, regions where we see a substantial opportunity but have had little exposure,” Michael Monko, senior vice president of sales and marketing for Sequenom, said in a statement.
San Diego-based Sequenom also announced that it had made the first sale of a MassArray system in South America to a sugarcane consortium that will use the platform for biofuel research.
Financial terms of the deals were not disclosed.