Aquila, Cambridge Biotech Corp. infectious diseases/aids, cancer news

CBCXE filed its reorganization plan under Chapter 11 of the U.S. Bankruptcy Code. Under the proposed plan, which requires approval of the court, creditors and shareholders, CBCXE would establish a new company, Aquila, focused on the development of products that stimulate the immune system to treat infectious diseases and cancer.

Under the proposed plan, CBCXE would transfer to Aquila all of its assets, liabilities and intellectual property except for the assets associated with its retroviral diagnostics business. CBCXE then would be sold to bioMerieux Vitek Inc. (see Deals, B2). The company also is negotiating the sale to a separate buyer of its remaining diagnostics business, principally tests for enterological diseases. ...