CABG Medical faces dissolution
This article was originally published in The Gray Sheet
Executive Summary
A shareholder meeting will be held April 27 to vote to dissolve the firm, allowing for a distribution of $1.20-$1.47 per share to shareholders, equal to $22 mil.-$27 mil. in aggregate. The move comes after the company failed to engage in any discussions "that management believes could reasonably lead to an acquisition offer." The news follows the firm's failure to complete a satisfactory clinical trial for its Holly Graft paclitaxel-eluting coronary bypass system (1"The Gray Sheet" Feb. 13, 2006, p. 8). In addition, the firm has fired seven of its 11 employees as losses mounted to $9.7 mil. for 2005, compared to $3.5 mil. in 2004, primarily due to paclitaxel licensing payments to Angiotech...
You may also be interested in...
CABG Medical Winds Down Operations Following Holly Graft Disappointments
CABG Medical's board of directors has decided to dissolve the company if it cannot find a buyer in the near future
Investors Go Beserk For Viking, Putting It Top Of Q1 Winners
The top 10 biggest share price winners and losers in Q1 from Evaluate show the investor frenzy for obesity drugs continues, while companies with governance doubts see shareholders retreat.
EU Consults On What Constitutes Personal & Commercially Confidential Data In Marketing Applications
Based on their experience with dealing with requests for access to documents over the past 12 years, EU regulators have proposed updating their guideline that provides for a harmonized approach to protecting personal data and business secrets in marketing authorization applications.