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Cygnus GlucoWatch Distributor Asks For Proof Of Fiscal Stability By Oct. 16

This article was originally published in The Gray Sheet

Executive Summary

Cygnus alleges it will suffer $450 mil. in damages and lose $1 bil. in potential revenue over the next 12 years if Sankyo Pharma ceases marketing and distribution of its GlucoWatch non-invasive glucose monitor

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Cygnus mulling GlucoWatch sale

Non-invasive glucose monitor maker is considering the sale of "some or all" of its assets, among other options, to meet debt obligations and continue operations. The move would follow distributor Sankyo's decision not to honor previous purchase commitments through March 2004, Cygnus says (1"The Gray Sheet" Oct. 13, 2003, p. 17). On Nov. 6, Sankyo countered Cygnus' Oct. 6 breach-of-contract suit, citing defamation and breach of contract and seeking declaratory relief. As of Sept. 30, Cygnus had $9.1 mil. in cash and total liabilities of $81.5 mil. On Nov. 13, the firm reported a Q3 loss of $9.1 mil. on sales of $1.1 mil. (down 31%). Sankyo already has about two years' inventory, "so we anticipate they will continue to [make] the product available for an extended period," Cygnus says...

Cygnus mulling GlucoWatch sale

Non-invasive glucose monitor maker is considering the sale of "some or all" of its assets, among other options, to meet debt obligations and continue operations. The move would follow distributor Sankyo's decision not to honor previous purchase commitments through March 2004, Cygnus says (1"The Gray Sheet" Oct. 13, 2003, p. 17). On Nov. 6, Sankyo countered Cygnus' Oct. 6 breach-of-contract suit, citing defamation and breach of contract and seeking declaratory relief. As of Sept. 30, Cygnus had $9.1 mil. in cash and total liabilities of $81.5 mil. On Nov. 13, the firm reported a Q3 loss of $9.1 mil. on sales of $1.1 mil. (down 31%). Sankyo already has about two years' inventory, "so we anticipate they will continue to [make] the product available for an extended period," Cygnus says...

GlucoWatch BlueCross BlueShield TEC Assessment Could Spur Adoption

CygnusGlucoWatch Biographer use in conjunction with standard blood glucose monitoring could result in fewer complications from severe diabetes, such as retinopathy and blindness, according to a recent study by the company

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