Ciphergen Purchases Remaining 30% Stake in Ciphergen Biosystems K.K.
March 25 2004 - 9:00AM
PR Newswire (US)
Ciphergen Purchases Remaining 30% Stake in Ciphergen Biosystems
K.K. Acquires 100% Ownership of Subsidiary in Japan FREMONT,
Calif., March 25 /PRNewswire-FirstCall/ -- Ciphergen Biosystems,
Inc. announced today that it has acquired the remaining 30% equity
stake held in its Japanese affiliate, Ciphergen Biosystems K.K.,
from SC BioSciences (a unit of Sumitomo Corporation). Ciphergen
Biosystems has long considered Japan to be a critical country for
leading medical research, having entered the Japanese market in
1999 through the formation of Ciphergen Biosystems K.K., a joint
venture established with SC BioSciences. In August 2002, Ciphergen
Biosystems increased its ownership interest in Ciphergen Biosystems
K.K. from 30% to 70% and shortly thereafter established a Biomarker
Discovery Center(R) laboratory in Yokohama. "We are extremely
pleased by the progress of Ciphergen Biosystems K.K. in fostering
adoption of our SELDI ProteinChip technology in Japan and extremely
appreciative of the assistance that SC BioSciences provided in
building this operation over the last five years," stated William
E. Rich, President and CEO of Ciphergen Biosystems, Inc. "Assuming
complete ownership of Ciphergen Biosystems K.K. will give us
greater flexibility to expand our operations in Japan going
forward, in particular as we capitalize on the opportunities
created by our Diagnostics Division." About Ciphergen Ciphergen's
Biosystems Division develops, manufactures and markets a family of
ProteinChip(R) Systems and services for clinical, research, and
process proteomics applications, as well as a broad range of
bioseparations media for protein purification and large scale
production. ProteinChip Systems enable protein discovery,
characterization, identification and assay development to provide
researchers with predictive, multi-marker assay capabilities and a
better understanding of biological function at the protein level.
Ciphergen's Diagnostics Division is dedicated to the discovery of
protein biomarkers and panels of biomarkers and their development
into protein molecular diagnostic tests that improve patient care;
and to providing collaborative R&D services through its
Biomarker Discovery Center(R) laboratories for biomarker discovery
for new diagnostic tests as well as pharmacoproteomic services for
improved drug toxicology, efficacy and theranostic assays.
Additional information about Ciphergen can be found at
http://www.ciphergen.com/. Safe Harbor Statement Note Regarding
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 the use of ProteinChip
technology to discover useful protein biomarkers that can act as
novel drug targets or disease markers, develop and commercialize
clinical diagnostics that improve patient care, the ability to
provide services that lead to improved toxicology assays and
diagnostic assays, and statements regarding our Diagnostics
Division. Actual results may differ materially from those projected
in such forward-looking statements due to various factors,
including the ProteinChip technology's ability to validate and/or
develop protein biomarkers as novel drug targets, diagnostic or
toxicology assays, and the Company's ability to successfully
commercialize such tests. Investors should consult Ciphergen's
filings with the Securities and Exchange Commission, including its
Form 10-K dated March 15, 2004, for further information regarding
these and other risks of the Company's business. NOTE: Ciphergen,
ProteinChip, Biomarker Discovery Center and BioSepra are registered
trademarks of Ciphergen Biosystems, Inc. DATASOURCE: Ciphergen
Biosystems, Inc. CONTACT: Sue Carruthers, Investor Relations of
Ciphergen Biosystems, Inc., +1-510-505-2233 Web site:
http://www.ciphergen.com/
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