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Arizona Proteomics Alliance, Inverness , Biosite, Proteome Sciences, Minerva Healthcare, Lumera, Bruker Daltonics, CombiMatrix, Expression Pathology, Oridis Biomed

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New Arizona Proteomics Alliance Formed to Further Personalized Medicine
 
Nine universities, research firms, and biotech and health care companies have joined to form the Arizona Proteomics Alliance.
 
The goal of the alliance will be to develop collaborations and further proteomics research with the goal of “getting closer to personalized medicine,” Serrine Lau, a professor of pharmacology and toxicology at the University of Arizona and the scientific director of the alliance, told ProteoMonitor.
 
The alliance members are: Arizona State University; Banner Health; Barrow Neurological Institute; Carl T. Hayden Veterans Affairs Medical Center; Intrinsic Bioprobes; Mayo Clinic; Sun Health Research Institute; Translational Genomics Research Institute; and the University of Arizona.
 

 
Inverness Throws Down Gauntlet Again, Raises Bid for Biosite to $92.50 Per Share
 
Biosite said this week it has received a revised merger offer from Inverness Medical Innovations of $92.50 per share for Biosite’s outstanding common stock, up from Inverness’ original offer of $90 per share.
 
The newest development in the proposed takeover of Biosite comes one week after Beckman Coulter matched Inverness’ bid of $90 per share [See PM 05/03/07]. Beckman had initially bid $85 per share for Biosite in late March [See PM 03/29/07]. Inverness already owns 5 percent of Biosite’s stock.
 
Biosite said it is evaluating Inverness’ offer, which expires at 8 a.m. EDT, May 16. Inverness reserves the right to withdraw the offer, however, if, among other things, Biosite does not publicly state by 5 PM PDT, May 10 that its bid is superior to Beckman’s most recent offer. Inverness also wants Biosite to stipulate that Beckman has until 11:59 PM EDT, May 15 to match its offer.
 
On deadline, a call to Beckman seeking comment had not been returned.
 

 
Proteome Sciences Acquires Equity Stake in Minerva, Licenses Eukarion Compounds
 
Proteome Sciences said this week it has acquired an equity stake in Minerva Healthcare, a new specialty pharmaceutical and medical device company, and agreed to license its Eukarion compounds to the company.
 
Under the terms of the agreement, Proteome has granted an option to license its topical Eukarion compounds to Minerva for development and commercialization. Proteome will receive an upfront payment of $4 million under the terms of the agreement. It will also receive a milestone payment for clinical development, 12 percent royalties on sales of products, and a 10 percent equity stake in Minerva. Proteome will also have board representation rights.
 
Minerva is a new company launched by the founders of Impax Laboratories, Athena Diagnostics, and Ivax Pharmaceuticals. Minerva plans to develop topical products and medical devices for the treatment of dermatological conditions with unmet needs, such as radiation dermatitis, wound healing, and skin ulcers caused by aging and sun damage, the company said in a statement.
 

 
Lumera Revs Climb 71 Percent in Q1
 
Lumera reported revenues shot up 71 percent in its first quarter to $860,000 from $503,000 during the year-ago period.
 
Government contract revenue rose to $775,000 from $292,000 due to higher billings on two of the company’s contracts, the company said in a statement. Product revenue rose to $85,000 from $20,000 a year ago.
 
Net loss totaled $2.7 million, down 13.6 percent from a loss of $3.1 million during the first quarter of 2006. As of March 31, the company had $5.4 million in cash and cash equivalents. Lumera spent $1.3 million on R&D in the quarter.
 

 
Bruker Segment Housing Proteomics Tools Sees 4.1 Percent Jump in Q1 Revs
 
Bruker Daltonics revenues for its first quarter ended March 31 rose 4.1 percent, according to a document filed with the US Securities and Exchange Commission this week.
 
Last week, the Bruker BioSciences reported a 16.5 percent increase in revenues for the quarter. The company no longer breaks out financials for its divisions in earnings releases, but in a conference call accompanying the release of its results, Bruker President and CEO Frank Laukien said revenues for the Daltonics division, which houses Bruker’s proteomics instruments, rose in the single digits, without providing further details.
 
In an SEC filing this week, the company said that Daltonics’ revenues had climbed to $39.1 million during the first quarter, compared to $37.5 million a year ago.
 
Bruker AXS revenues rose 37.2 percent to $51.9 million from $37.9 million during the first quarter of 2006. Bruker Optics revenues rose 2.1 percent to $21.7 million from $21.3 million a year ago.
 
R&D spending in the Daltonics segment rose slightly to $6.3 million during the quarter from $6 million a year ago
 

 
CombiMatrix Raises $5M to Help Fund Move into Molecular Dx
 
Acacia Research said this week that a select group of investors has purchased $5 million of Acacia Research-CombiMatrix common stock and warrants in a registered direct offering. Acacia sold about 6.8 million units at $.738 per unit. Each unit consisted of one share of common stock and a five-year warrant for the purchase of 1.5 shares of stock at $.55 per share.
 
CombiMatrix is in the midst of splitting from Acacia. In a statement, Amit Kumar, president and CEO of CombiMatrix said the direct offering strengthens the company’s balance sheet and “provides additional capital to fund our expansion into the molecular diagnostics market.”
 

 
Expression, Oridis Form Alliance, Offer Microproteomic Capabilities
 
Expression Pathology and Oridis Biomed said last week they are offering tissue microproteomic capabilities for protein biomarker discovery and validation. The alliance combines Expression’s Liquid Tissue and Directors technologies and Oridis’ research platform.
 
Expression’s technologies enable mass spectrometry-based discovery and measurement of protein biomarkers in archival tissue. Oridis’ platform allows for high-throughput analysis of healthy and diseased patient tissue. Oridis will also allow access to its formalin-fixed tissue samples.
 
Both companies will offer research capabilities and services to biopharmaceutical, diagnostic, and academic clients. They will also be business development agents to each other’s technologies in their domestic geographical markets.
 
No other terms of the collaboration were disclosed.