Nanotechnology Now





Heifer International

Wikipedia Affiliate Button


DHgate

Home > Press > DRI Capital Inc. Acquires Royalties from Nanogen Inc. for US$10 Million

Abstract:
DRI Capital Inc. (DRI) and Nanogen, Inc. (Nasdaq:NGEN) announced today that they have entered into an agreement for DRI to acquire, for US$10 million, all future royalties generated by Applied Biosystems (ABI) under a license ABI has taken from Nanogen for MGB™ (minor groove binder) technology.

DRI Capital Inc. Acquires Royalties from Nanogen Inc. for US$10 Million

TORONTO, Canada and SAN DIEGO, CA | Posted on March 31st, 2008

"This transaction extends DRI's interests in royalties related to molecular biology research tools," said Joshua Salisbury, Managing Director at DRI. "This agreement is another example of the tailored and innovative sources of capital DRI offers and we are pleased that we were able to work with Nanogen again."

"Monetizing this royalty stream provides us with a non-dilutive means of raising capital to fund our operations as we work towards achieving cash flow breakeven in late 2008," said Howard C. Birndorf, Nanogen chairman and chief executive officer.

The royalty payments included in the agreement are related to Nanogen's patented MGB™ technology that has been licensed to ABI for use in ABI's TaqMan® products (TaqMan® is a registered trademark of Roche Molecular Systems, Inc.). ABI's TaqMan® assays library using Nanogen's MGB™ is the leading life science research product library for PCR applications. Nanogen's MGB™ technology provides many advantages in the design of oligonucleotide probes, and has become a sought after component for many companies working in the molecular detection and diagnostic marketplace. Nanogen has an active partnering and licensing program and has more than 40 patents related to nucleic acid detection.

About DRI Capital

DRI Capital is a privately held investment management company, focused on the healthcare industry, with over US$1 billion under management. DRI Capital currently manages two funds: the Royalty Monetization Fund and the Structured Finance Fund.

The Royalty Monetization Fund acquires existing royalty streams at competitive rates from companies, institutions and inventors. DRI Capital is a leader in monetizing royalties, having acquired over US$850 million in royalty-based cash flows on commercialized products. In 2007 alone, DRI Capital has deployed about US$450 million with royalty acquisitions on products such as Enbrel, Flumist, Preotact and PEG-INTRON.

The Structured Finance Fund, launched in January 2008 with approximately US$300 million, is a hybrid debt and equity fund which invests in commercial stage healthcare products through investments in synthetic royalties, debt, and structured debt/equity instruments. The fund focuses on commercial stage pharmaceuticals and medical devices and is not limited to a therapeutic category or market segment. The financing that the Structured Finance Fund provides, which is primarily non-dilutive, allows for companies to finance in-licensing and new product acquisitions, sales force expansions, or fund additional capital needs.

www.dricapital.com

####

About Nanogen, Inc.
(Nasdaq: NGEN - News) has a strong product and proprietary technology base of diagnostic solutions for two of the fastest growing in vitro diagnostic (IVD) markets—molecular diagnostics and rapid point-of-care testing. The company provides their innovative, high-quality diagnostic products to clinicians and physicians worldwide, making it easier to predict and diagnose diseases, ultimately improving patient care. Products include molecular diagnostic kits and reagents, and kits for rapid, point-of-care testing. Nanogen has pioneered research in areas involving biomedical markers, molecular biology and nanotechnology to bring better results to diagnostics and healthcare.

Forward-Looking Statement

This press release contains forward-looking statements that are subject to risks and uncertainties that could cause actual results to differ materially from those set forth in the forward-looking statements. Actual results may differ materially from these forward-looking statements due to a number of factors and, consequently, you should not rely on such forward looking statement as prediction of future event. These factors include, but are not limited to, the Company’s ability to achieve cash flow breakeven, ability to obtain financing, its ability to comply with the terms of its outstanding indebtedness, ability to remain listed on the NASDAQ Global Market, whether patents owned or licensed by the Company will be developed into products, whether the patents owned by Company offer any protection against competitors with competing technologies, whether products under development can be successfully developed and commercialized, whether results reported by our customers or partners can be identically replicated, and other risks and uncertainties discussed under the caption “Risk Factors” in the Company’s Form 10-K or Form 10-Q most recently filed with the Securities and Exchange Commission. These forward-looking statements speak only as of the date hereof. The Company disclaims any intent or obligation to update these forward-looking statements. These forward-looking statements speak only as of the date hereof. Nanogen disclaims any intent or obligation to update these forward-looking statements.

For more information, please click here

Contacts:
Nanogen, Inc.
Nick Venuto, CFO
858-410-4600

or
DRI Capital
Joshua Salisbury, Managing Director, Healthcare Funds
416-324-5712

Copyright © Business Wire 2008

If you have a comment, please Contact us.

Issuers of news releases, not 7th Wave, Inc. or Nanotechnology Now, are solely responsible for the accuracy of the content.

Bookmark:
Delicious Digg Newsvine Google Yahoo Reddit Magnoliacom Furl Facebook

Related News Press

News and information

Conversion of Greenhouse Gases to Syngas in Presence of Nanocatalysts in Iran May 22nd, 2015

New Antibacterial Wound Dressing in Iran Can Display Replacement Time May 22nd, 2015

Haydale Named Lead Sponsor for Cambridge Graphene Festival May 22nd, 2015

Simulations predict flat liquid May 21st, 2015

Nanomedicine

New Antibacterial Wound Dressing in Iran Can Display Replacement Time May 22nd, 2015

Researchers develop new way to manufacture nanofibers May 21st, 2015

Effective Nano-Micelles Designed in Iran to Treat Cancer May 20th, 2015

Nature inspires first artificial molecular pump: Simple design mimics pumping mechanism of life-sustaining proteins found in living cells May 19th, 2015

Announcements

Conversion of Greenhouse Gases to Syngas in Presence of Nanocatalysts in Iran May 22nd, 2015

New Antibacterial Wound Dressing in Iran Can Display Replacement Time May 22nd, 2015

Haydale Named Lead Sponsor for Cambridge Graphene Festival May 22nd, 2015

INSIDDE: Uncovering the real history of art using a graphene scanner May 21st, 2015

Patents/IP/Tech Transfer/Licensing

Researchers develop new way to manufacture nanofibers May 21st, 2015

Novel superconducting undulator provides first x-ray light at ANKA May 1st, 2015

Long Island Capital Alliance Announces Participants for Brookhaven National Laboratory Technology Transfer Capital Forum on May 8: Keynote Speaker Dr. Doon Gibbs, Director of Brookhaven National Laboratory April 16th, 2015

MIT sensor detects spoiled meat: Tiny device could be incorporated into 'smart packaging' to improve food safety April 15th, 2015

Alliances/Partnerships/Distributorships

Samtec, Global Provider of Interconnect Systems, Joins IRT Nanoelec Silicon Photonics Program May 21st, 2015

SUNY Poly CNSE and NIOSH Launch Federal Nano Health and Safety Consortium: May 20th, 2015

Industrial Nanotech, Inc. Announces Official Launch of the Eagle Platinum Tile™ May 19th, 2015

DiATOME enables surface preparation for AFM and FIB May 19th, 2015

NanoNews-Digest
The latest news from around the world, FREE




  Premium Products
NanoNews-Custom
Only the news you want to read!
 Learn More
NanoTech-Transfer
University Technology Transfer & Patents
 Learn More
NanoStrategies
Full-service, expert consulting
 Learn More










ASP
Nanotechnology Now Featured Books




NNN

The Hunger Project