Myriad Genetics 2M Share-Offering Postponed
....Besides institutions being a little leery of another offering in the topsy-turvy biotech market, competition in the marketplace may have been a factor in the decision to postpone the offering, said Michael Becker, an analyst at Wayne Hummer Investments.
Myriad Genetics' ProNet public protein interaction database competes against technology by Cytogen Corp. (CYTO), which can analyze 200,000 proteins a month, much faster than Myriad Genetics' database, which employs a yeast-two hybrid system, Becker said. ProNet is "manual and not necessarily the most accurate."
But this competition is moving from the marketplace to the investment markets. On Tuesday, Cytogen filed a statement with the SEC to offer 6 million shares.
Cytogen's prospectus detailed the advantages of its own technology to study protein pathways as being quicker, simpler, with fewer false positives and rapid formatting of high-throughput screening assays, Becker said. snip...
Jim |
