Contrast agent developer Molecular Biosystems reported revenues of $338,000 in its second quarter, down sharply from the $1.9 million posted in the same period last year. For the quarter (end-September 30), the San Diego-based firm had a net loss of $502,000, compared with a net loss of $930,000 reported last year. During the quarter, MBI announced a merger agreement with therapeutic and diagnostic drug developer Alliance Pharmaceutical, also of San Diego.
In other MBI news, the firm announced that its board of directors has reviewed an unsolicited acquisition offer from pharmaceutical firm CEL-SCI of Vienna, VA, and unanimously voted to reject the offer.
The news came in response to a press release issued by CEL-SCI on October 24 stating that the company was surprised at the MBI/Alliance agreement. CEL-SCI had been in negotiations with MBI regarding an acquisition for the past six months, and its offer price for MBI was "significantly higher" than the Alliance bid, according to the company.
By AuntMinnie.com staff writersOctober 27, 2000
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Alliance eyes bigger slice of ultrasound contrast market in bid for MBI, October 12, 2000
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