A Medical Device Daily
CombiMatrix (Mukilteo, Washington) reported that it has completed its previously disclosed spilt off from Acacia Research (Newport Beach, California) through the redemption of all outstanding shares of Acacia Research-CombiMatrix common stock (Medical Device Daily, June 12, 2007).
“We are pleased with the completion of our split off, and we wish Acacia Research Corporation continued success. As we move forward, we look forward to establishing our own identity in the personalized medicine market,” said Dr. Amit Kumar, president/CEO of CombiMatrix.
On the redemption date, every 10 shares of Acacia Research-Combimatrix common stock outstanding was redeemed for one share of common stock of CombiMatrix.
CombiMatrix split off from Acacia in order to focus on the molecular diagnostics and personalized medicine markets.
The CombiMatrix group is developing a platform technology to rapidly produce tailored-content arrays, which are semiconductor-based tools for use in identifying and determining the roles of genes, gene mutations and proteins. The group’s technology has a wide range of potential applications in the areas of genomics, proteomics, biosensors, drug discovery, drug development, diagnostics, combinatorial chemistry, material sciences and nanotechnology.
In other dealmaking news:
• WiFiMed Holdings (Marietta, Georgia) reported the completion of its acquisition of JMJ Technologies (Atlanta). The transaction was finalized last Friday, by a vote of the JMJ shareholders.
As a result of the acquisition, WiFiMed will acquire 100% of the stock, assets and operations of JMJ Technologies. Terms of the transaction were undisclosed.
The companies said that their combination creates the opportunity for uniquely innovative technology solutions for the healthcare industry as it pertains to how physicians, healthcare personnel, and patients engage with digital information, especially as it relates to workflow management, across multiple operating systems, devices and media.
WiFiMed is a provider of wireless patient information through its Tablet MD that was developed to assist physicians and healthcare providers manage patient workflow.
JMJ Technologies developed EncounterPRO EHR, a configurable workflow management solution.
• Regeneron Pharmaceuticals (Tarrytown, New York) reported that it has received a $20 million milestone payment from Bayer HealthCare (Leverkeusen, Germany) following dosing of the first patient in the Phase 3 study of the VEGF Trap-Eye in the neovascular form of age-related macular degeneration (wet AMD).
“Age-related macular degeneration continues to be one of the leading causes of blindness in adults today,” said Leonard S. Schleifer, MD, PhD, president/CEO of Regeneron. “Results of early phase studies have shown that VEGF Trap-Eye has the potential to be an important addition to the treatment alternatives available for patients with wet AMD.
The Phase 3 study will be a non-inferiority comparison of the VEGF Trap-Eye and ranibizumab (Lucentis, a registered trademark of Genentech (South San Francisco, California), an anti-angiogenic agent approved for use in wet AMD. The randomized, double-masked Phase 3 study is expected to enroll about 1,200 patients in more than 200 centers throughout the U.S. and Canada.
This trial, known as VIEW 1 (VEGF Trap: Investigation of Efficacy and safety in Wet age-related macular degeneration), will be conducted pursuant to a Special Protocol Assessment from the U.S. Food and Drug Administration (FDA) and is the first in the companies’ Phase 3 global development program in wet AMD to be carried out in the U.S., Europe, and other parts of the world.
• Pediatric Services of America (d.b.a. PSA Healthcare; Norcross, Georgia) reported that, in connection with its expected merger with Portfolio Logic (Washington), it intends to voluntarily delist its common stock and the related common stock purchase rights associated with its stockholder rights plan from the NASDAQ Global Market. PSA intends to file a Form 25 with the SEC on or about Aug. 20 and expects that its listing on NASDAQ will be automatically terminated on or about Aug. 31, the expected closing date of the merger.
Portfolio Logic offered a price of $16.25 a share in cash back in April for all outstanding shares that it does not already own (MDD, April 27, 2007). Portfolio Logic, a private investment firm primarily focused on healthcare and business services companies, has been an investor in PSA since 2004 and, as of the offering date, owned 14.9% of its common shares.
PSA provides comprehensive pediatric home health care services through a network of 59 branch offices in 18 states, including satellite offices and branch office start-ups.
• Medical Properties Trust (MPT; Birmingham) reported that it has acquired the real estate assets of three acute care hospital facilities that are operated by Hospital Partners of America (HPA; Charlotte, North Carolina) for an aggregate price of $100 million. MPT said it also expects to fund a $17 million loan secured by additional hospital property. With these transactions, MPT said it has completed about $258 million of investments in 2007 and HPA immediately becomes MPT’s third largest tenant.
HPA is a privately-held healthcare services company that currently operates four acute care facilities in the U.S. and is expected to assume the operation of two additional facilities in the near future.
MPT is a self-advised real estate investment trust formed to capitalize on the changing trends in healthcare delivery by acquiring and developing net-leased healthcare facilities.