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Biotech / Medical : Diversa Corporation (DVSA) -- Ignore unavailable to you. Want to Upgrade?

To: nigel bates who wrote (38)	6/29/2001 5:19:22 PM
From: nigel bates	Respond to of 144

SAN DIEGO, June 29 /PRNewswire/ -- Diversa Corporation (Nasdaq: DVSA - news) announced today that it has agreed to release IntraBiotics Pharmaceuticals, Inc. from all obligations under the Drug Discovery, Development, and License Agreement signed in January 2001. This agreement was reached following IntraBiotics's announcement on May 31 of a major restructuring and workforce reduction intended to conserve their capital. Under this agreement, IntraBiotics will make aggregate payments of $2.45 million to Diversa in 2001. In addition, Diversa will receive warrants to purchase 700,000 shares of IntraBiotics's stock at an exercise price of $2.00 per share. Finally, Diversa will own all of the materials and data generated under the research program, as well as the antimicrobial assays developed by IntraBiotics that were part of the research program. This arrangement does not alter the financial guidance provided by Diversa in April of this year. ``We wish the entire IntraBiotics organization success with their current clinical trial. While we are disappointed that circumstances at IntraBiotics prevent our continuing collaboration, Diversa will pursue the antimicrobial research program independently,'' stated Jay M. Short, Ph.D., President and Chief Executive Officer of Diversa. Diversa's small molecule program is focused on the discovery of novel orally active drugs, such as antibiotics, anti-fungals, and anti-tumor compounds...

To: nigel bates who wrote (38)	7/1/2001 3:33:47 PM
From: tuck	Read Replies (1) \| Respond to of 144

nigel, I don't follow this company much, but permit me a couple of observations. They are in my backyard. And when I go into town I drive by the road they're on. The corner is often occupied by folks holding a big banner that says "Labor Dispute -- Shame on Diversa." I have no idea what it's about, but I've been seeing this for weeks & weeks. This GigaMatrix screening system; I gather they're going to try to sell it. It sounds like one hell of an engineering feat, beating Aurora at their own game, technically. But Aurora has already sold most large pharmas on this sort of big ticket screening system. This thing has to cost a bundle. Compare to the uArcs screening technology coming out of DPII later this year. Just as powerful, much less likely to break down, and I would guess a lot cheaper (though consumables use might be a bit higher). I think the reason Aurora changed tacks with Big Biology and then let itself be munched has to do with the realization that the market for expensive UHTSS was saturating and dying, with newer technology on the horizon. I wonder how much Diversa spent developing this puppy? I wonder if they got hold of some Aurora folks, since ABSC had finished development of their UHTSS system (aside from related assays) a while ago? This sounds an awful lot like what ABSC would have done had they decided to develop a next generation system. My HO; my research is not exhaustive. I must say that San Diego seems to be the Mecca of HTS, though. Cheers, Tuck