Here's a copy of today's news. It doesn't look nearly as bad as the market tanking would indicate. Dusa's prospects remain as strong as ever and I bought back in after selling when it got to the 12's for the first time many months ago. Seems to me that the 7's provide a nice opportunity for making money over the short to intermediate term.
TORONTO--(BUSINESS WIRE)--May 28, 1998--DUSA Pharmaceuticals, Inc. (NASDAQ:DUSA) announced today that it is re-opening discussions with potential dermatology alliance partners, as it has become apparent that its previously announced agreement-in-principle with a major multi-national pharmaceutical company cannot be brought to conclusion at this time.
Since May 13, 1998, when DUSA reported that the proposed structure of the agreement-in-principle needed to be brought into conformance with the current financial licensing principles of the partner, DUSA has made several alternative proposals which it believed could meet the partner's revised criteria. However, DUSA has now been informed that although the dermatology division of the partner would still like the opportunity to market Levulan(R) PDT, there have been changes at the parent company unrelated to Levulan(R) and DUSA which would preclude the completion of the transaction in the near future. Therefore, DUSA is reassessing its marketing options for Levulan(R) PDT in dermatology, including re-opening discussions with potential dermatology alliance partners.
Dr. D. Geoffrey Shulman, President & Chief Executive Officer, stated, "DUSA is disappointed that it was unable to bring the transaction to closure at this time. Nevertheless, during the last year, DUSA has achieved a number of major milestones that we believe have significantly increased Levulan(R) PDT's value to the Company, or to a potential dermatology partner. These included the completion of two successful Phase III clinical trials on Levulan(R) PDT for Actinic Keratoses (AKs); the completion of two manufacturing runs of its Kerastick(TM) drug applicator; the completion of development of its low-cost non-laser blue light source for AKs; and the planned filing of its AK NDA late this quarter. DUSA will now re-consider all of its alternatives for the marketing of Levulan(R) PDT for AKs, with the goal of maximizing its commercial success and profitability." |
