MedChem Products Inc. announced last week that commonstock of its spinoff, Anika Research Inc., will begin tradingtoday on the Nasdaq small-cap market under the symbol ANIK.
As a result of the spinoff, Anika will have approximately 3.1million shares of common stock outstanding. All shares will bedistributed to MedChem shareholders on the basis of 0.3 sharesof Anika for every share of MedChem (NYSE:MCH) owned. Aspart of the spinoff, Anika will receive approximately $5.9million in cash as a capital contribution from MedChem ofWoburn, Mass.
MedChem established Anika as a separate subsidiary inFebruary 1992 -- and spun it off in March 1993 -- to focus onthe existing hyaluronic acid (HA) business and to accelerateMedChem's HA-based research and product developmentefforts, particularly on its Orthovisc product for treating certainforms of temporomandibular joint (TMJ) dysfunction.
Anika currently manufactures the Amvisc line of HA-basedophthalmic products for the Iolab Corp., a Johnson & Johnsonsubsidiary.
Anika will continue the commercial development of Orthoviscfor TMJ dysfunction, on which a pre-market approvalapplication (PMA) has been filed with FDA. Anika will alsodevelop chemically modified HA for preventing tissueadhesions after surgery and the use of discrete pieces of theHA molecule to control proliferative diseases. -- Jennifer VanBrunt
(c) 1997 American Health Consultants. All rights reserved.