Interneuron, Intercardia deal

IPIC acquired the remaining shares of CPEC Inc. not already owned by IPIC’s Intercardia subsidiary. In September 1994, Intercardia purchased 80 percent of CPEC, which is developing bucindolol to treat congestive heart failure. Bucindolol is in a Phase III trial.

IPIC paid 343,000 common shares for the CPEC shares, and anticipates taking a non-cash charge of $7-$8 million in the quarter ending March 31. IPIC which closed at $26.75 on Friday, has 33.3 million shares outstanding prior to the purchase. ...