To all, from BW:
BW0045 APR 25,1997 8:32 PACIFIC 11:32 EASTERN
( BW)(SYNCOR-INTL-CORP)(SCOR) Syncor acquires preferred stock of
PerImmune
Business Editors & Health Writers
WOODLAND HILLS, Calif.--(BW HealthWire)--April 25, 1997--Syncor
International Corp. (Nasdaq:SCOR) Friday announced that it has
entered into a stock-purchase agreement with PerImmune Holdings Inc.
to acquire preferred stock.
Syncor paid cash for the stock.
This is the second transaction Syncor has entered into with
PerImmune. In April 1997, Syncor announced that it had signed an
agreement with PerImmune to market and distribute imaging and
therapeutic radiopharmaceutical products.
PerImmune, based in Rockville, Md., was formed in 1996 from a
management buyout of the Akzo Nobel/Organon Teknika Biological
Research Institute, in order to more effectively commercialize the
unique technology in human monoclonal antibodies.
Dr. Michael G. Hanna Jr., president and chief executive officer
of PerImmune, was responsible for the development of the Tices BCG
vaccine, which is one of the leading therapeutic products for the
treatment of bladder cancer.
``The investment Syncor has made in PerImmune will support the
development and commercialization of human monoclonal-antibody
technology for the diagnosis and treatment of cancer and other
diseases,'' said Robert Funari, Syncor's president and CEO.
``We are excited about our new relationship with PerImmune and
expanding Syncor's relationships with biotechnology and
radiopharmaceutical companies, to support bringing valuable new
technology to market in the United States and other countries.''
Syncor International compounds and dispenses radiopharmaceutical
products -- in patient-specific unit doses and multidose form -- for
use in diagnostic imaging and therapy.
Syncor distributes these time-critical products through an
expanding network of nuclear-pharmacy service centers -- 120 domestic
and 10 international. This network, which serves 7,000 customers,
is the only one of its kind providing both diagnostic and information
services to hospitals and alternate-site nuclear-medicine facilities
nationwide.
Additionally, Syncor is broadening its business base beyond its
core commercial radiopharmacy operations. Through a joint venture
announced in February 1997, Syncor plans on expanding its presence
in the medical imaging field.
Syncor anticipates operating 10 ``open'' MRI (magnetic resonance
imaging) centers across the United States during the first year of
operations. In addition, Syncor has entered the radiopharmaceutical-
manufacturing field with the purchase of an Iodine-123 business.
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NOTE: News On Demand: 800/546-8172
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CONTACT: Syncor International Corp., Woodland Hills
Mike E. Mikity, 818/737-4610
Mary L. Meusborn, 818/737-4643 |
