Cambridge Biotech Corp. diagnostics/imaging, infectious diseases/aids, cancer news

CBCXE settled a November 1993 class action lawsuit filed in the U.S. District Court for the District of Massachusetts. Under the settlement, the plaintiffs will receive about 25 percent of the equity of a new biopharmaceutical company, which CBCXE will form under its Chapter 11 reorganization plan, and $1 million in cash from an insurance policy covering the individual defendants.

As part of the settlement, CBCXE will sell its diagnostic operations and focus on its biopharmaceuticals operations. The company is developing vaccines, adjuvants and immunotherapeutics for infectious diseases and cancer. ...