Business Update

Cygnus completes $10 million asset sale; stockholders approve dissolution

Published in Obesity and Diabetes Week, April 18th, 2005

Cygnus, Inc., (CYGN) announced that it completed the sale of substantially all of its assets (other than cash and cash equivalents, accounts receivable, and its rights in the arbitration matter with Ortho-McNeil Pharmaceutical, Inc.) to Animas Corp. (PUMP) and Animas Technologies, LLC, (collectively Animas) for $10 million in cash.

The assets sold include the company's intellectual property; product development and production equipment; regulatory package; inventory and certain assumed contracts, including all supplier, manufacturing, and license agreements relating to the company's glucose monitoring technology and GlucoWatch Biographer line of products. The asset sale...

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Source: Obesity and Diabetes Week (2005-04-18)

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