Entelos Delays Release of First Annual Financial Report as a Public Firm
Entelos said this week that it has pushed back by two weeks the release date for its preliminary financial results for the period ended Dec. 31, 2006.
The company will issue its results on April 23 instead of April 12.
The Foster City, Calif.-based company went public last April on the London Stock Exchange's Alternative Investment Market [BioInform 06-16-06].
“As a result of additional work required for a Delaware company to satisfy the AIM rules, the company must allow its accountants to complete an appropriate audit before releasing its first set of preliminary results,” Entelos said in a statement this week.
Entelos said that it expects its 2006 results to be in line with previous guidance.
EBI Wins Japan Partnering Award from UK BBSRC
The European Bioinformatics Institute said this week that the UK Biotechnology and Biological Sciences Research council has granted it a UK-Japan Partnering award for a project called Interfacing Standards and Ontologies in Systems Biology.
The project is a collaboration between Nicolas Le Novere of EBI, Ken Fukuda of Japan’s AIST Computational Biology Research Center, Douglas Kell of the Manchester Center for Integrative Systems Biology, and Hiroaki Kitano of the Tokyo Systems Biology Institute.
According to the BBSRC website, the grant is worth £45,000 ($89,200).
BBSRC said that its UK-Japan Partnering award program is designed “to gain access for BBSRC-supported scientists to the rapidly developing research base in Japan and to take advantage of the tremendous opportunities collaborative activity represents.”
The first awards under the program were granted in 2001. Since its inception, 28 awards have been made totaling £1.14 million ($2.2 million).
Tripos Terminates Sale of Discovery Research Business to Provid
Tripos will not sell its Discovery Research business to Provid Pharmaceuticals, according to a recent US Securities and Exchange Commission filing.
Tripos said in the filing that it told Provid on April 2 that it has terminated the stock purchase agreement the companies signed in early January, under which Provid would have acquired Discovery Research for $2 million in cash [Bioinform 01-05-07].
Tripos said when the deal was made that it would hinge on whether Provid could gather the necessary financing, and later warned that Provid was having trouble raising the money [BioInform 03-02-07].
The initial purchase agreement gave both companies the option to terminate the deal on or before March 31, and Tripos said it exercised that option last week.
Tripos sold its Discovery Informatics business in March to Vector Capital for $26.2 million, as part of its ongoing efforts to liquidate the company [BioInform 03-30-07].
In last week’s SEC filing, Tripos reasserted its intention to sell the remaining parts of the company and to settle all debts, liabilities, and obligations to its shareholders.
The company stated it is still engaged in efforts to sell Discovery Research, but would not guarantee it would be able to make a deal “on satisfactory terms."
Galapagos Cuts Value of Inpharmatica Acquisition by $9.5M
A missed milestone by Inpharmatica has prompted Galapagos to cut around €7 million ($9.5 million) from the value of its acquisition of the company, Galapagos said this week.
Galapagos has already issued 613,000 new shares to former Inpharmatica stockholders, which Galapagos had agreed to acquire last December for as much as €19 million ($25.4 million) in stock [BioInform 12-08-06].
Galapagos planned to grant Inpharmatica shareholders as many as 2.2 million shares priced at €8.82 apiece based on certain milestones, cash on hand, and worth as a business. Galapagos issued 623,000 shares at the time of the agreement.
This week, Galapagos said that Inpharmatica failed to meet one of these milestones, resulting in a loss of 815,000 shares.
Galapagos said it will issue a maximum of 113,000 more shares in May to complete the acquisition, bringing the total exchange to around €12 million.
Boehringer Expands License to GeneGo's MetaCore Software
Boehringer Ingelheim has expanded a license agreement for GeneGo’s MetaCore data-mining software suite that the companies signed last year to cover “global locations and multiple departments.”
Under the expanded license, Boehringer will use the software, which uses a database of human disease and toxicity information, in its toxicogenomics programs.
Financial terms of the agreement were not disclosed.
Gene-IT to Change Name to GenomeQuest
Gene-IT is changing its name to GenomeQuest, after its flagship sequence search software, the company said this week.
GenomeQuest is a gene sequence search product designed for biologists and IP lawyers. It contains more than 40 million patented sequences, the company said.
Michael McManus, vice president and general manager, said in a statement that “uniting our product and company names is a natural evolution for our business.”