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Biotech / Medical : Ciphergen Biosystems(CIPH): -- Ignore unavailable to you. Want to Upgrade?

To: tuck who wrote (130)	6/4/2003 5:32:49 PM
From: tuck	Read Replies (1) \| Respond to of 510

I wonder if this deal was held back by the recently settled litigation. If so, there may be others in the works. And I wonder if the terms can be divined from upcoming financial statements; I'll be keeping my eyes out . . . >>FREMONT, Calif., June 4 /PRNewswire-FirstCall/ -- Ciphergen Biosystems, Inc. (Nasdaq: CIPH - News) announced today that Toronto Medical Laboratories (TML) has acquired Ciphergen's AutoBiomarker ProteinChip System, with an objective of pursuing targeted assay development projects aimed at identifying new protein biomarkers that can be converted into commercial diagnostic tests as part of the TML reference lab business strategy. Ciphergen has granted TML, in conjunction with the ProteinChip System, a Diagnostic Biomarker Discovery license as well as a commercial Diagnostic Assay Platform license to perform paid clinical diagnostic tests using this platform. Financial and other terms were not disclosed. TML was established in 1995 as a joint venture between the University Health Network (comprised of Toronto General Hospital, Toronto Western and Princess Margaret Hospital) and MDS Inc. Through the collaboration of the UNH and MDS, TML has established a solid foundation of hospital contracts and positioned itself as a leading public / private laboratory partnership in Canada. Today, its team performs more than 9 million diagnostic tests on medical specimens per year. TML medical and scientific staff have been instrumental in many diagnostic breakthroughs and have a strong track record in translating bench research into clinically beneficial diagnostic tests. The McLaughlin Centre for Molecular Medicine at the University of Toronto is an equal partner with TML in this investment and will share in the use of the ProteinChip technology. This Centre is a partnership of five Toronto teaching centers including The University of Toronto, University Health Network, Hospital for Sick Children, Mount Sinai Hospital and Sunnybrook and Women's Health Science Center. The Centre is focused on advancing health through the application of molecular advances to clinical care. Projects under discussion using the ProteinChip System by TML and the McLaughlin Centre include studies on large organ transplant rejection markers, the early diagnosis of endometrial, thyroid and lung cancer, and the identification of predictors of response to novel therapeutic agents in colon cancer, leukemia and myeloma. William Rich, President and CEO of Ciphergen, stated, "We are delighted that such prestigious groups within Canada have decided to utilize our technology with a goal of developing new diagnostic tests. TML, UHN, MDS and the researchers associated with the McLaughlin Centre have impressive track records of success and are not only interested in pursuing leading edge research, but are committed to translate this research to medical practice." Ene Underwood, President of Toronto Medical Laboratories, commented, "We're very excited to be incorporating the ProteinChip technology as a new platform in our laboratories. We believe this technology offers tremendous potential in the worldwide efforts to unleash the diagnostic potential of proteomics."<< snip Cheers, Tuck