This article was originally published in The Gray Sheet
Ceases business operations effective May 18 because of an inability to "secure additional financing or to arrange a sale or merger" and because the company "has insufficient funds to continue operations," the Sunnyvale, California firm reports in a May 19 release. Biocircuits, which launched the IOS point of care immunodiagnostic system in 1996 ("The Gray Sheet" Dec. 11, 1995, I&W-8), netted about $5.1 mil. from a private placement last July and had inked a letter of intent agreement granting Becton Dickinson manufacturing and exclusive worldwide distribution rights to the IOS system and marketing rights to all existing and future test cartridges ("The Gray Sheet" July 14, 1997, p. 13)
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