SEC Sues Former Invitrogen Exec for Insider Trading
The US Securities and Exchange Commission late last month sued a former Invitrogen official for alleged insider trading in 2004, ProteoMonitor’s sister publication, GenomeWeb Daily News reported this week.
In its complaint, the SEC accuses Harry Yim of sparing himself $80,000 in losses and profiting to the tune of $410,000 by selling shares in Invitrogen soon after the company was informed in a July 7, 2004, meeting that it is in a “crisis” and that “fully 60 percent of Invitrogen’s business is shrinking.”
The complaint states that after the 2004 meeting Yim sold 1,603 shares and exercised options to sell an additional 4,728 shares for proceeds of around $410,000. He made his trades two days before Invitrogen issued that year's second-quarter earnings report, which caused the stock to tumble 20 percent that day.
The SEC is suing Yim, who was a molecular geneticist and executive with Invitrogen until he was fired in 2006, in a US District Court for the Southern District of California for the amount of losses he avoided, plus interest, and for a civil penalty, the Commission said.
Calling All Interested in ID’ing Proteins in Single Mass Spectral Datasets
The Association of Biomolecular Resource Facilities’ Proteome Informatics Research Group is inviting researchers to participate in its study evaluating the ability of proteomics laboratories to identify a complex mixture of proteins present in a single mass spectral dataset.
The goals of the study are to have each laboratory evaluate its capabilities and approaches in regard to “bioinformatics tools used to make and consolidate protein identifications derived from a common dataset and a common reference database,” the group said in announcement, and to report those identifications using common reporting criteria.
The study is open to ABRF members and non-members, though the number of participants may be limited and priority will be given to members.
Requests for participation must be submitted by e-mail to [email protected] before Nov. 19. Materials are expected to be distributed during the second week of November. Resulting data should be returned in mid-December. Results of the study will be presented at the ABRF annual conference in February 2008.
Bio-Rad Receipts up 11.5 Percent, Life Sciences up 4.1 Percent
Bio-Rad Laboratories this week reported revenues for its third quarter rose 11.5 percent to $339.8 million, compared to $304.8 million a year ago.
Most of the growth was in the company’s clinical diagnostics division which saw receipts rise 17.6 percent year-over-year to $193.3 million. Life science sales grew 4.1 percent to $143 million for the three months ended Sept. 30. The company’s BSE sales slid more than 20 percent. Factoring out that product line, life sciences grew 8 percent, company officials said in a conference call accompanying the release of its earnings results.
Meanwhile, it saw “good momentum” in its protein expression sales. “Sales of our new ProteOn system continue to grow as customer adopted easy-to-use and accurate protein interaction technology,” said Christine Tsingos, vice president and CFO of Bio-Rad.
Profits for the quarter rose to $28 million, up 21 percent from the year-ago profit of $23.2 million. Bio-Rad spent $33.1 million on R&D for the period. As of Sept. 30, it had $472.8 million in cash and cash equivalents.
Revs for Division Housing Bruker’s Proteomics Instruments Grow 28 Percent
Bruker BioSciences reported third-quarter revenues in its Daltonics division rose 28.1 percent to $46.5 million, compared to $36.3 million a year ago.
The Daltonics division houses Bruker’s mass spectrometers. In the midst of saying companywide receipts had grown 25.5 percent for the three months ended Sept. 30, Bruker last month said revenues across all of its three divisions had grown in double digits. A document filed with the US Securities and Exchange Commission this week provided greater detail.
Within the Daltonics division, life science systems revenues grew 18 percent to $31.2 million during the quarter from $26.4 million a year ago.
Bruker AXS revenues grew 27.6 percent to $60 million. Bruker Optics saw revenues grow 17 percent to 28.7 million.
APT Collaborates with Atreus on R&D Deal
Advanced Proteome Therapeutics has entered an R&D agreement with Atreus Pharmaceuticals to develop novel protein-in vivo imaging agents using APT’s advanced site-directed peptide modification techniques.
The first product is aimed at the clinical diagnosis and management of early rheumatoid arthritis.
Under the terms of the agreement, Atreus has the exclusive rights to commercialize jointly developed agents in return for revenue sharing payments to APT. Atreus will provide technical, clinical, and market expertise to the agreement, in addition to intellectual property rights.
500 and Counting
The Structural Genomics Consortium this week said it had deposited its 500th protein structure into the Protein Data Bank. The 500 proteins deposited into the PDB represents about 25 percent of the new human protein structures discovered in the world during the past two years.
The consortium is a public-private collaboration “dedicated to solving three-dimensional structures of proteins of medical relevance,” it said in a statement. It operates from the University of Toronto, Oxford University, and the Karolinska Institute, employing 165 scientists at the three sites.