I copied this from another board, I found it interesting.
Since the global in vitro diagnostics (IVD) cancer market is expected to maintain robust growth over the next five years, there are increasing rumors and speculation that Radient may be positioned to be acquired or partnered with a large pharmaceutical or diagnostics company. Some industry observers note that many of the recent actions and announcements by the company reflect a corporation pursuing potential opportunities on a bigger stage.
“They’ve announced that they’re divesting and spinning-off all of their non-cancer detection related assets,” said one banker who approached the company with a capital offer in recent days. “All of their debt holders also decided and were granted equity positions instead. That’s unusual, unless you know something is about to change in the way the business has been operating.”
That CEO Douglas McClellan cut plans for a ski-vacation with his family short in order to secretly join select members of his board of directors at a series of previously unscheduled meetings in San Francisco; where industry leaders have gathered, may not help silence some of the speculation.
Unlike many of its peers, the company had not previously scheduled presentations at any of the three biotech conferences taking place there this week.
When asked about the developments, one company official pointed to a recently issued a press release in which RPC states its policy is not to comment on unusual market activity or rumors.
One source familiar with the company says that the Radient team has declined other offers for capital recently, including a significant deal that was presented to them by Rodman & Renshaw on Tuesday afternoon.
Instead of announcing the study data which some were expecting on Tuesday morning, the company issued a press release contrasting Radient’s FDA-cleared Onko-Sure(R) IVD cancer test against the recently announced, but yet to be named test that Johnson and Johnson (NYSE:JNJ) and Massachusetts General Hospital will develop over the next few years for a reported $30 million investment.
By their own account, the company appears focused and committed to pushing its test kits and convincing oncologists to adopt the Onko-Sure(R) detection platform as a new standard. In early November, the company announced that they had been invited and would be participating in nearly every major cancer medicine conference throughout the world during 2011.
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