Advanced Photonix Inc. Terminates Merger With Jenner Biotherapies.Business Editors & Health/Medical/High-Tech Writers CAMARILLO, Calif.--(BUSINESS WIRE)--Nov. 5, 2001 Advanced Photonix Inc.(R) ("API (Application Programming Interface) A language and message format used by an application program to communicate with the operating system or some other control program such as a database management system (DBMS) or communications protocol. ") (AMEX AMEX See: American Stock Exchange :API) today announced the termination of its previously announced merger with Jenner Biotherapies Inc. The merger is being terminated by the mutual consent of the parties in light of recent developments affecting the license agreement between Jenner and a major Japanese pharmaceutical company for the development and marketing of Jenner's PSA (Professional Services Automation) An information system designed to organize, track and manage all opportunities, work, resources, costs, revenues and invoices to improve the productivity and efficiency of the workforce. vaccine for the treatment of prostate cancer prostate cancer, cancer originating in the prostate gland. Prostate cancer is the leading malignancy in men in the United States and is second only to lung cancer as a cause of cancer death in men. . Based on its interpretation of the final results of a Phase II clinical study of the vaccine, the Japanese licensee licensee n. a person given a license by government or under private agreement. (See: license, licensor) LICENSEE. One to whom a license has been given. 1 M. Q. & S. 699 n. has announced that it is reevaluating its commitment to the license agreement. Richard Kurtz, the chairman of API, stated that the recent developments adversely affected both the ultimate prospects and timetable for the commercialization of the vaccine, and that accordingly the board had determined to abandon the transaction. API announced that costs of approximately $630,000 ($0.05 per share) incurred in connection with the transaction would be charged against its second-quarter earnings, which will be announced tomorrow, Nov. 6, 2001. Advanced Photonix Inc. is a high-technology company that designs and manufactures silicon photo detectors, optoelectronic hybrid assemblies and proprietary solid-state large area avalanche photodiodes Avalanche photodiodes (APDs) are photodetectors that can be regarded as the semiconductor analog to photomultipliers. By applying a high reverse bias voltage (typically 100-200 V in silicon), APDs show an internal current gain effect (around 100) due to impact ionization (avalanche . Information concerning the company is available on the Internet at http://www.advancedphotonix.com. This release includes "forward-looking" statements that involve a number of risks and uncertainties, including the risks and uncertainties inherent in ongoing business negotiations, and assuming that negotiations are successfully concluded and that an agreement is entered into, the risks and uncertainties of implementing such an agreement, including related financial, management and accounting issues. |
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion