API, mentioned to the thread in the 4 and 5 range, more good news after the bell on Friday
<<Advanced Photonix Inc. Announces It Is Considering Acquisition of All the Assets of Jenner Biotherapies Inc.
CAMARILLO, Calif.--(BUSINESS WIRE)--March 3, 2000--Advanced Photonix Inc.© (AMEX:API - news), the leading developer and manufacturer of large area avalanche photodiodes (LAAPD), today announced that it is considering acquisition of all the assets of Jenner Biotherapies Inc.
Information on Jenner Biotherapies Inc. is available on the World Wide Web at www.jennerbiotherapies.com.
API's interest in Jenner is limited to a tracking stock concept. Funds or partners from sources other than API will be sought to develop Jenner's products. The combination of a Photonics and Biotech company, operated separately, appears to be a way to substantially enhance API's stockholder value.
Jenner Biotherapies Inc. has developed five principal products: (1) a vaccine for prostate cancer, (2) a vaccine for colorectal and lung cancer, (3) an emulsion solution to enhance vaccine administration, and (4) two macrophage activators, which assist the immune system to kill cancer cells.
In a Phase II trial, at 44 weeks, JBT 1001, the prostate vaccine showed a 35% benefit in time to progression (13 of 26 on vaccine, verses 21 of 26 on placebo, at a 98% probability). Jenner's ACT, a macrophage activator, has completed a Phase III trial showing a statistically significant beneficial arm using ACT. All Jenner products require approval for use by the FDA before commercialization.
Jenner Biotherapies Inc. proprietary position is extensive. The company has 8 issued U.S. patents, 101 issued foreign patents, and 36 U.S. and foreign patent applications, which Jenner either owns, or has worldwide exclusive rights. Jenner has spent less that $20 million to assemble this portfolio, but the pre-Jenner costs to develop these valuable drugs and patent positions probably exceeds five times that amount.
Hayden Leason is chairman of both API and Jenner. He is a substantial shareholder and creditor of Jenner. Recently, Leason sold all of his holdings in API.
API has determined that acquisition of Jenner must first be approved by a vote of the API shareholders. In the interim, API may execute an option to acquire Jenner, subject to a vote by the board of directors.
Advanced Photonix Inc. is a high-technology company which designs and manufactures silicon photodetectors, optoelectronic hybrid assemblies and proprietary solid state large area avalanche photodiodes. Information on Advanced Photonix is available on the World Wide Web at advancedphotonix.com.>> |
