CIPH Ciphergen Biosystems (MM)

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/

Copyright