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Biotech / Medical : Sirna Therapeutics Inc -- Ignore unavailable to you. Want to Upgrade?

To: bob zagorin who wrote (301)	1/21/2000 6:03:00 PM
From: bob zagorin	Read Replies (1) \| Respond to of 562

Ribozyme Stake of 9.2% Acquired By Elan Affiliate Washington, Jan. 21 (Bloomberg) -- Elan Corp. Plc reported that an affiliate acquired a 9.22 percent stake in Ribozyme Pharmaceuticals Inc. The investment, disclosed in a Schedule 13D filed with the Securities and Exchange Commission, is part of a joint venture agreement between Elan and Ribozyme. When the two companies announced the joint venture in December, they didn't provide any details on Elan's stake. According to the SEC filing, Elan International Services Ltd. paid a total of $17 million to acquire 641,026 common shares, warrants to purchase another 500,000 shares at $15 to $20 each, and 12,015 Series A preferred shares. Ribozyme also issued a convertible promissory note to Elan International with a face value of $12.02 million. The joint venture is going to license Elan's MEDIPAD disposable subcutaneous drug delivery system for development in conjunction with Ribozyme's Herzyme. The ultimate goal of the venture is to develop treatments for breast and other cancers. Ribozyme, based in Boulder, Colorado, is developing Herzyme to target a gene expressed in many patients who have breast cancer. Company shares fell 1/4 to 16 13/16. Elan is a specialty pharmaceutical company headquartered in Ireland, with its principal research, development, manufacturing and marketing operations located in Ireland, the U.S. and Israel. Elan shares trade on the New York, London and Dublin Stock Exchanges.