Ciphergen Completes Sale of Life Science Research Business to Bio-Rad Laboratories
November 13 2006 - 4:30PM
PR Newswire (US)
FREMONT, Calif., Nov. 13 /PRNewswire-FirstCall/ -- Ciphergen
Biosystems, Inc. (NASDAQ:CIPH) today announced that it has
completed the sale of its life science research instrument and
related products to Bio-Rad Laboratories, Inc.
(AMEX:BIOAMEX:andAMEX:BIOb). Bio-Rad purchased the business for up
to $20 million in cash and made a $3 million equity investment in
Ciphergen. "The completion of this transaction marks a significant
milestone for Ciphergen. Our full attention is now devoted to
developing high value molecular diagnostics, which can improve a
physician's ability to diagnose and treat their patients," said
Gail S. Page, President and Chief Executive Officer of Ciphergen.
"Bio-Rad is committed to continuing to develop the SELDI (Surface
Enhanced Laser Desorption/Ionization) proteomics platform, which we
believe can help in the discovery of novel biomarkers and potential
new treatments for disease." About Bio-Rad Bio-Rad Laboratories,
Inc., has remained at the center of scientific discovery for more
than 50 years manufacturing and distributing a broad range of
products for the life science research and clinical diagnostics
markets. The company is renowned worldwide among hospitals,
universities, major research institutions as well as biotechnology
and pharmaceutical companies for its commitment to quality and
customer service. Founded in 1952, Bio-Rad is headquartered in
Hercules, California, and serves more than 85,000 research and
industry customers worldwide through its global network of
operations. The company employs over 5,000 people globally and had
revenues of $1.1 billion in 2005. For more information, visit
http://www.bio-rad.com/. About Ciphergen Ciphergen Biosystems, Inc.
is dedicated to the discovery, development and commercialization of
novel high-value diagnostic tests that help physicians diagnose,
treat and improve outcomes for patients. Ciphergen, along with its
prestigious scientific collaborators, has ongoing diagnostic
programs in oncology/hematology, cardiology and women's health with
an initial focus in ovarian cancer. Based in Fremont, California,
more information about Ciphergen can be found on the Web at
http://www.ciphergen.com/ . Safe Harbor Statement Note Regarding
Forward-Looking Statements: This press release contains forward
looking statements. For purposes of the Private Securities
Litigation Reform Act of 1995 (the "Act"), Ciphergen disclaims any
intent or obligation to update these forward-looking statements,
and claims the protection of the Safe Harbor for forward-looking
statements contained in the Act. Examples of such forward-looking
statements include statements regarding Ciphergen's plans and
ability to accelerate transition into a specialized diagnostics
company, the availability of the financial resources necessary to
build the diagnostics business, and Bio-Rad's expected development
of the SELDI proteomics platform. Actual results may differ
materially from those projected in such forward- looking statements
due to various factors, including the risk that Ciphergen is unable
to successfully utilize resources and manage the transition to a
new business focus. Investors should consult Ciphergen's filings
with the Securities and Exchange Commission, including its Form
10-Q filed August 16, 2006, for further information regarding these
and other risks related to the Company's business. NOTE: Ciphergen,
is a registered trademark of Ciphergen Biosystems, Inc. DATASOURCE:
Ciphergen Biosystems, Inc. CONTACT: Investor Relations, Sue
Carruthers of Ciphergen Biosystems, Inc., +1-510-505-2233; or
Media, Daryl Messinger WeissComm Partners, +1-415-946-1062 Web
site: http://www.bio-rad.com/ Web site: http://www.ciphergen.com/
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