Ciphergen Transferred to Nasdaq Market With Less Restrictive Listing Requirements
Ciphergen has been transferred from the Nasdaq Global Market to the Nasdaq Capital Market, the company announced late last week. The switch-over became effective on Aug. 28.
The company had been warned by the Exchange that it was in danger of being delisted from the Nasdaq Global Market because its market capitalization had fallen below the minimally required $50 million for more than 10 business days. According to a document filed with the US Securities and Exchange Commission, Ciphergen officials met with the Nasdaq Listing Qualifications Panel on Aug. 17 to request a transfer to the Nasdaq Capital Market.
On Aug. 24, the Nasdaq panel granted the request.
The company’s continued listing on Nasdaq National Market is “subject to its successful completion of an application and the review process,” Ciphergen said. According to Nasdaq, companies must also maintain a minimum market cap of $35 million and a bid price of $1.
As of close of trading Aug. 30, Ciphergen had a market cap of $51.6 million.
Thermo, Fisher Shareholders Give Blessing to Merger
Shareholders at both Thermo Electron and Fisher Scientific separately approved the merger of the two companies this week.
The merger still needs to be approved by US regulators. Separately last week, Fisher said it would divest a $17-million product line to satisfy the Federal Trade Commission.
More than 98 percent of Thermo shareholders who voted approved the deal while more than 99 of share holders at Fisher gave the deal the thumbs up.
More than 94 percent of Thermo shareholders also voted to increase the number of Thermo common stock to 1.2 billion and to change the name of the company upon completion of the merger to Thermo Fisher Scientific.
Thermo said it still expects the deal to be completed during the fourth quarter of 2006.
The company announced their $10.6 billion merger plan in May.
Expression Pathology Licenses Harvard Technology for Quantitative Analysis of Proteins
Expression Pathology has licensed the patent rights to AQUA peptide technology from Harvard University, the Gaithersburg, Md.-based company announced this week.
AQUA technology uses labeled peptide standards “to achieve absolute quantitation of target proteins in biological samples by mass spectrometry,” Expression said in a statement. Expression will combine AQUA with its own technologies for extracting proteins from formalin-fixed, paraffin-embedded tissues to develop new research and diagnostic applications, it said.
MedImmune, Infinity Target Hsp90 and Hedgehog pathway
MedImmune and Infinity Pharmaceuticals will jointly develop and commercialize novel small molecular cancer drugs targeting Heat Shock Protein 90 and the Hedgehog cell-signaling pathway under a deal announced this week.
In clinical studies, Hsp90 and the Hedgehog pathway have been implicated in the growth and survival of a broad range of blood-related and solid tumor types, the companies said.
Under the agreement, the companies will equally share all costs and profits from the development and commercialization of any future products. MedImmune will give Infinity a $70 million one-time upfront payment for co-exclusive, shared rights to Hsp90 ahd Hedgehog pathway product development programs. Infinity will also receive up to $430 million in milestone payments if certain late-stage clinical development and sales targets for products resulting from the collaboration are met.
Infinity will retain responsibility for discovery, clinical development and translational clinical development of products through proof-of-concepts in human for each of the Hsp90 and Hedgehog pathway programs. The two companies will jointly conduct clinical development through first-product approval.
MedImmune will direct worldwide regulatory strategy and sales and marketing of resulting products. Infinity has the option to co-promote future products in the US, contributing up to 35 percent of the total promotion effort.
Waters Acquires Thermometric for $2.5M
Waters announced this week it has acquired privately held Thermometric, a maker of high-performance microcalorimeters, for around $2.5 million.
Waters plans to merge the Jarfalla, Sweden-based company into its TA Instruments unit, based in New Castle, Del.
Thermometric generates around $4 million in annual sales. Waters said it expects the purchase to be neutral to its 2006 earnings.
The company’s flagship product, the TAM III, is a modular calorimeter “routinely used to characterize materials, and their interactions, in the fields of pharmaceuticals, life and materials sciences.”
TA Instruments President Terry Kelly said Thermometric’s products and technologies complement its “position in thermal analysis and will allow us to expand our business into new applications, especially in life science research.”
Waters acquired TA in 1996. The company said Thermometrics complements liquid chromatography, mass spectrometry, and thermal analysis, three markets in which Waters competes.