NeXstar cancer, drug discovery, infectious diseases news
NXTR's board of directors is evaluating the spin-out to its shareholders of its drug discovery organization, which would divide the existing company into two publicly traded companies. NXTR's drug discovery assets include Selex and Selex Parallel, two combinatorial chemistry technologies. NXTR plans to provide details of the spin-out over the next 45 days.
NXTR, which said the spin-out would make the commercial side of the company profitable, estimated that the research arm that NXTR is proposing to spin out is spending $15-$20 million annually. NXTR lost $3.4 million ($0.12) on sales of $26.5 million and revenues of $29 million in the second quarter ended June 30. NXTR, which had $66.3 million in cash as of June 30, would contribute $20-$30 million in cash to the spin-out. ...