Looks interesting and cheap. A biotech that has a revenue stream to support R&D. No analyst coverage that I could find. Anyone dig up anything else over the last couple of days?
Dave
Genzyme Surgical Products Stock Begins Trading Today
PR Newswire - June 28, 1999 08:51
Shares Distributed to Genzyme General Shareholders
CAMBRIDGE, Mass., June 28 /PRNewswire/ -- Genzyme Corp. announced that Genzyme Surgical Products common stock begins trading today on the Nasdaq National Market(R) under the ticker symbol GZSP.
Genzyme Surgical Products shares are being distributed today as a tax-free dividend to Genzyme General (Nasdaq: GENZ) shareholders of record as of June 14, 1999. The dividend is 0.17901 of a share of Genzyme Surgical Products common stock for each share of Genzyme General common stock owned. Cash will be paid for fractional shares at $25 per share.
Upon distribution of the dividend, there will be approximately 14.8 million Genzyme Surgical Products shares outstanding. Approximately 1.1 million shares have also been reserved for issuance upon conversion of Genzyme General's 5.25 percent convertible debentures.
Genzyme Surgical Products, a division of Genzyme Corp. with its own stock, includes a well-established medical device business, a growing family of Sepra anti-adhesion products on the market and in development, and several advanced research and development programs in gene and cell therapy for cardiovascular disease.
"Genzyme Surgical Products has a strong and growing device franchise, with revenues last year of over $100 million and anticipated revenue growth of approximately 15 percent this year," said Duke Collier, president of Genzyme Surgical Products. "Our growing revenue base, plus $150 million in cash, should be sufficient to fund our significant development programs and our growth for the foreseeable future. We are uniquely positioned and clearly focused, and we have the resources to be a leader in the emerging biosurgery market that is being created by the convergence of mechanical and biological approaches to surgery."
Genzyme Surgical Products will expand its existing product base by aggressively investing in a substantial program to develop products for the biosurgery market, particularly in the area of cardiovascular disease where it already has a strong market presence. Within the next year, Genzyme Surgical Products plans to start six clinical trials, including trials for several anti-adhesion products and a number of gene therapy products for cardiovascular disease.
Genzyme Surgical Products develops and markets a comprehensive portfolio of instruments, devices, biomaterials and biotherapeutics primarily for the cardiovascular and general surgery markets. Genzyme Surgical Products is a division of Genzyme Corporation and has its own common stock intended to reflect its value and track its performance.
This press release contains forward-looking information, including statements regarding the anticipated growth rate of revenues of Genzyme Surgical Products, the anticipated cash needs of Genzyme Surgical Products, the intended business activities of Genzyme Surgical Products, and the planned initiation of six clinical trials in the next year. Actual results may differ materially depending on many factors, including the enrollment rate for clinical trials, the ability of Genzyme Surgical Products and/or its partners to manufacture sufficient quantities of products for clinical trials and successfully complete pre-clinical and clinical development of products, the safety and efficacy of products currently under development, the timing and content of decisions made by the FDA and other regulatory authorities, the ability of Genzyme Surgical Products to obtain and maintain additional strategic partnerships and distribution agreements, the continued funding of collaborations, the ability of Genzyme and/or its partners to obtain and maintain adequate patent coverage for products, the accuracy of Genzyme's information about the emerging biosurgery market, the competitive environment for the biotechnology and biosurgery markets, market acceptance of Genzyme's Surgical Product's products, and the availability of reimbursement for Genzyme Surgical Product's products from third-party payors.
Investors may listen to and view Genzyme Surgical Products' roadshow presentation at genzyme.com. Microsoft Explorer must be used to view this presentation.
Genzyme's releases are available on the World Wide Web at genzyme.com.
They are also available from Genzyme's fax-on-demand service at 1-800-436-1443 within the United States or 1-201-521-1080 outside the United States.
SOURCE Genzyme General
/CONTACT: Media: Bo Piela, 617-252-7785, or Investor: Sally Curley,
617-591-7140, Dividend Questions: Susan Cogswell, 617-252-7526, all for
Genzyme/
/Company News On-Call: prnewswire.com, 104284
or fax, 800-758-5804, ext. 113803 104284/
/Web site: genzyme.com
(GENZ GZSP) |
