BioCentury
ARTICLE | Company News

Opko, Ophthalmic Technologies Inc. deal

June 11, 2007 7:00 AM UTC

EXEG will acquire the two-thirds of diagnostic company Ophthalmic it does not already own for about $17.6 million in stock. EXEG disclosed that in April, it purchased one-third of Ophthalmic for $5 million in cash and received an exclusive option to acquire the rest of the company for 3 million shares. The shares are worth about $12.6 million based on EXEG's close of $4.20 on May 31, the last trading day before the deal was disclosed. EXEG said the deal is a first step in building a diagnostics business to complement its ophthalmic therapeutics. EXEG's lead compound is bevasiranib, a short interfering RNA (siRNA) targeting VEGF mRNA that is expected to start a Phase III trial to treat wet age-related macular degeneration (AMD) next half. ...