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Tripos' Sale of Discovery Unit to Provid on Shaky Ground as Suitor Struggles to Raise Enough Cash

NEW YORK (GenomeWeb News) — Tripos today said a deal to sell its Discovery Research branch to Provid Pharmaceuticals may fall through after Provid said it is unable to pull together the cash it needs to make the acquisition.
As a result, Tripos said it has begun talking with “other parties” that it said have shown interest in buying the DR business, although the company said it could not assure that another suitor could find the money either.
Tripos said in early January it intended to sell the research unit in a stock deal worth roughly $2 million as part of a liquidation plan.
Today, the struggling company said it is “doubtful” that Provid would be able to gather the necessary financing to complete the deal as planned.
But Tripos also said the companies would consider restructuring the terms of the deal to make it happen.
In January, the Nasdaq exchange notified Tripos that it faces delisting for failing to maintain the minimum market cap and minimum share bid price for 30 consecutive days.
Tripos in November said it would sell its Discovery Informatics business to a San Francisco-based Vector Capital for $26.5 million.

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