SyStemix moves to avert cash crunch

Facing up to its pending need for cash, and lacking optimism about the equity markets, SyStemix Inc. turned to partner Sandoz AG for an $80 million infusion.

The deal required removing the ceiling imposed by the companies' 1991 agreement which limited Sandoz to a 60 percent ownership stake in the Palo Alto, Calif., stem cell company. The new investment boosts the Swiss pharma company's holdings in STMX to 71.6 percent on a fully diluted basis...