TARRYTOWN, NY--Cadus Pharmaceuticals, a biotech company here engaged in discovery of small-molecule therapeutics, announced that it exercised an option acquired through its functional genomics collaboration with SmithKline Beecham in 1997 to sell $5 million of its common stock to the bigger pharmaceutical company. SmithKline purchased 660,962 shares of Cadus common stock at a approximately $7.56 per share. Cadus now has $42.5 million in cash and cash equivalents. Cadus develops proprietary technologies that exploit the similarities between yeast and human genomes to create drug discovery tools and to elucidate gene function and cell signaling pathways.
Cadus Sells $5 Million Of Stock to SmithKline
Dec 18, 1998