Clinical Data Will Not Enhance Offer for Moore Medical.Business Editors/Health/Medical Writers NEWTON, Mass.--(BUSINESS WIRE)--March 3, 2004 Clinical Data, Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : CLDA CLDA California Lyme Disease Association ) announced today that it has received a letter from the CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Moore Medical Corp. (AMEX AMEX See: American Stock Exchange : MMD MMD Movement for Multiparty Democracy (Zambia) MMD Make My Day MMD Merchant Mariner Document MMD Myotonic Muscular Dystrophy MMD Myotonic Dystrophy MMD Mass Median Diameter MMD Metal Matrix Diaphragm ) rejecting Clinical Data's most recent offer to merge with Moore Medical on the basis of 0.698 shares of Clinical Data common stock plus $2 in cash for each issued and outstanding share of Moore Medical common stock. "The net effect of the letter is to refuse our company the opportunity to perform due diligence Research; analysis; your homework. This term has caught on in all industries, because it sounds so "wired." Who would want to do analysis or research when they can do due diligence. See wired. on Moore Medical that might have allowed us to proceed with an unqualified offer. Should Moore Medical's proposed sale to McKesson fail for any reason, we would be willing to resume our efforts, as acquisition opportunities like Moore Medical are consistent with our strategic plan." said Israel M. Stein, M.D., Chief Executive Officer of Clinical Data. Commenting further, Dr. Stein said "Although we continue to believe that the synergies between our companies are quite compelling and would offer the stockholders of Moore Medical greater enterprise value, we wish at this time to terminate our dialogue with Moore Medical in order to end speculation that we would increase our offer or launch a tender offer. We continue to believe that Clinical Data's focus on providing proprietary technology and vertically integrated services In computer networking, IntServ or integrated services is an architecture that specifies the elements to guarantee quality of service (QoS) on networks. IntServ can for example be used to allow video and sound to reach the receiver without interruption. to permit diagnostic testing Diagnostic testing Testing performed to determine if someone is affected with a particular disease. Mentioned in: Von Willebrand Disease in physicians' offices and clinics combined with Moore Medical's distribution capabilities would result in superior value than the one-time cash payment contemplated by McKesson's offer." ABOUT CLINICAL DATA Through its domestic and foreign subsidiaries, Clinical Data focuses on the needs of physician offices and smaller clinical laboratories throughout the world. The company provides a complete range of diagnostic products and laboratory management services to the growing domestic physician office laboratory market and offers blood chemistry instrumentation, including the newly launched Selectra(R) clinical chemistry analyzer product line and related diagnostic assays to clinics and small hospitals internationally. Except for any historical information contained in this press release, the matters discussed herein include forward looking statements within the meaning of the Securities Act of 1933, as amended, and the Securities Exchange Act of 1934, as amended, that involve risks and uncertainties. Actual results could differ materially from those expressed in such statements and readers are referred to the company's SEC reports and filings. |
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