FUNDING BACKS QUIDEL/MABS MERGERThe pending merger of Monoclonal Antibodies Inc. ofSunnyvale, Calif., and Quidel of San Diego received a vote ofconfidence in the form of an additional $4 million commitmentof equity financing. S. R. One Ltd., Golodetz Finance Co. S.A. andH&Q Healthcare Investors pledged the funds.
Another $4 million in the form of subordinated, unsecured debtwas committed by the John Hancock Capital Growth Funds IIBand III, the companies said.
That brings to $11 million the total new financing, which issubject to stock registration and agreement on loan terms.Shareholders of privately held Quidel and MonoclonalAntibodies (NASDAQ:MABS) are scheduled to vote Jan. 30 onthe merger.
FDA DEFENDS NOT SCREENING BLOOD FOR HCV
The Food and Drug Administration on Friday defended itspolicy of not requiring donated plasma to be screened forhepatitis C virus (HCV). The FDA last November required HCVtests of donated blood, but most plasma is not screened.
Plasma screening would do "virtually nothing" to reduce theamount of virus in such plasma products as Factor VIII, whichis used by hemophiliacs, FDA scientist John Finlayson told theFDA's Blood Products Advisory Committee.
The National Hemophilia Foundation urged HCV plasmascreening. The committee has not set a vote on the issue.
Required HCV screening of plasma would expand the HCV testmarket by at least $30 million, said Larry Kurtz of Chiron Corp.,which developed an HCV antibody test that is sold by OrthoDiagnostics Systems Inc. Abbott Laboratories licenses fromChiron a component for a competing test.
CENTOCOR COMPLETES PRINCIPAL AMOUNT OFFERING
Centocor Inc. of Malvern, Pa., (NASDAQ:CNTO) said on Fridaythat it completed a previously announced $100 millionprincipal amount public offering of 7.25 percent convertiblesubordinated notes due Feb. 1, 2001. The notes are convertibleat any time prior to maturity at $55.50 per share.
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