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Biotech / Medical : Aclara Biosciences (ACLA) - The next small thing? -- Ignore unavailable to you. Want to Upgrade?

To: tuck who wrote (14)	10/15/2002 7:09:42 PM
From: tuck	Read Replies (1) \| Respond to of 16

Sho 'nuff: >>MOUNTAIN VIEW, Calif., Oct. 15 /PRNewswire-FirstCall/ -- ACLARA BioSciences (Nasdaq: ACLA - News), today announced the repurchase of 900,000 shares of the company's common stock from Caliper Technologies Corp. (Nasdaq: CALP - News) in accordance with the terms of the litigation settlement reached between the two companies in March 2001. ACLARA has repurchased these shares at an aggregate cost of approximately $1.3 million and, in accordance with the previously announced settlement agreement, has paid to Caliper an additional amount of $31.2 million in final settlement of ACLARA's obligations. A charge was recorded in ACLARA's statement of operations in December 2000 for the expected amount of this settlement and the underlying put obligation related to the stock issued to Caliper has been revalued quarterly. No additional charge will be taken as a result of this payment. Cash has previously been set aside in a restricted account for the full amount of the settlement. "With the completion of this transaction, we have fulfilled our obligations under the settlement agreement with Caliper," commented Joseph M. Limber, ACLARA president and chief executive officer. "Our balance sheet remains strong. As of June 30, 2002, we had $125 million of unrestricted cash, cash equivalents and short- and long-term investments on our balance sheet. This leaves us well capitalized to execute our business strategy -- namely the development of the market for our eTag(TM) Assay System."<< snip Cheers, Tuck