Paradigm Closes TissueInformatics Acquisition
Paradigm Genetics last week said it closed its acquisition of privately held pathology software firm TissueInformatics.
The combined organization, with 212 employees, will be headquartered in Research Triangle Park, NC, with operations in TissueInformatics’ Pittsburgh, Pa., headquarters.
Paradigm Genetics will issue 3,402,839 shares of common stock to TissueInformatics shareholders immediately, with a value of approximately $4.5 million, based on Paradigm Genetics’ closing price as of March 11. An additional 2.7 million shares will be available on an “earn-out” basis for the successful achievement of performance milestones tied to revenue levels and research contracts.
Peter Johnson, former CEO of TissueInformatics, will join Paradigm as executive vice president and chief medical officer; while Mark Braughler, former senior vice president of business development at TissueInformatics, will become vice president of business development at Paradigm.
Tripos Marks Milestone in Schering Deal, Accompanied by Accounting Adjustment
Tripos last week said it had completed “a significant milestone” in its ongoing discovery informatics collaboration with Schering AG.
Schering accepted Tripos’ Auspyx data cartridge as part of an Enterprise Chemical Information Management System (ECIMS) that Tripos is installing for Schering. Tripos and Schering are using the Auspyx data migration package to convert Schering's existing legacy databases to ECIMS.
Following completion of the milestone, “the two companies are currently in talks regarding the specifications and financial arrangements necessary to complete the development and deployment of ECIMS,” according to Tripos. Because these discussions were not finalized by the end of fiscal year 2003, Tripos said it will record estimated project costs of approximately $1.6 million greater than project revenues.
Tripos said it is required to write off these costs, as a noncash adjustment, so that its year-end financial statements fairly reflect the project status at that time.
Separately, the company said that it expects to file its 2003 annual report and release its 2003 fourth-quarter and year-end financial results by March 31. Tripos postponed the release of these results, originally scheduled for February 12 [BioInform 02-16-04], “due to the additional work needed to complete the revision of Tripos' revenue recognition for certain software licenses and the restatement of its financial results for prior fiscal years.”
Lion to Build SARS Database with DigiGenomics
Lion Bioscience has entered into a collaboration with DigiGenomics and Wan Fang Municipal Hospital of Taipei to develop a SARS (Severe Acute Respiratory Syndrome) Knowledge Management System in Taiwan, the company said last week.
Lion will contribute its SRS integration technology, including the SRS Relational module, to the project in order to give physicians access to biological databases as well as medical records, clinical assays, and recommended treatments.
Financial details of the project were not disclosed.
The system, scheduled to launch in the fourth quarter of 2004, will be “promoted to Taiwanese health industry and government health officials,” Lion said.
Gene Logic Opens UK Subsidiary
Gene Logic said it has established Gene Logic Ltd., a wholly owned subsidiary based in the United Kingdom, to increase its sales and marketing presence in Europe.
Gene Logic has been managing the European market for the past four years from its headquarters in Gaithersburg, Md. The company said that a number of European pharmaceutical companies, including AstraZeneca, Aventis, Boehringer Ingelheim, GlaxoSmithKline, and Novartis, are customers for its products and services.
Neil Hocking has been hired as Gene Logic’s executive director for business development in Europe. Hocking previously worked at MDL and Celera Genomics.
InforSense Builds Text-Mining Tool for Unilever
InforSense said last week that it will develop a tailored text-mining service for Unilever’s Colworth, UK, R&D laboratory.
The project will use TextSense, InforSense’s new text-mining technology.
Waters Completes NuGenesis Acquisition
Waters said last week that it has completed the acquisition of informatics firm NuGenesis Technologies.
Waters announced its plans to acquire the company for approximately $43 million in January [BioInform 02-02-04].