False Advertising

Discussion in 'Cylex' started by Anonymous, Jun 5, 2012 at 4:57 PM.

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  1. Anonymous

    Anonymous Guest

    I too took notice of Cylex promoting reimbursement rates at the ATC meeting. Is this a ploy to get us to use the test and make money on it in the lab?
     

  2. Anonymous

    Anonymous Guest

    Hey, whatever happened to Greg Neighbors ?
    Is he still with us ?
     
  3. Anonymous

    Anonymous Guest

    Nice spelling.
     
  4. Anonymous

    Anonymous Guest

     
  5. Anonymous

    Anonymous Guest

    Insurance OOPS

    Clinical Policy Bulletin:
    ImmuKnow (Transplantation Immune Cell Function Assay)




    Number: 0773





    Policy


    Aetna considers the ImmuKnow Assay, also known as the Transplantation Immune Cell Function Assay (Cylex, Inc., Columbia, MD), experimental and investigational for all indications including any of the following because of insufficient evidence of its effectiveness:
    For identification of individuals at risk for rejection prior to kidney or any other solid organ transplant.
    For management of individuals undergoing allogeneic hematopoietic stem cell transplantation.
    For management of organ transplant rejection in individuals undergoing immunosuppressive therapy post solid organ transplant.
     
  6. Anonymous

    Anonymous Guest

    Re: Insurance OOPS



    Vival la France!!

    CHILLY-MAZARIN, France, June 14, 2012 /PRNewswire/ --

    InGen BioSciences, specialised in the development and commercialisation of mono and multiparametric in vitro diagnostic tests announced a new exclusive partnership with Cylex Incorporated (Columbia, Maryland, US), a global life sciences company focused on in vitro diagnostic products intended to illuminate immunity.





    Viva la France!!
     
  7. Anonymous

    Anonymous Guest

    Heard FDA will be at ASHI asking questions.
     
  8. Anonymous

    Anonymous Guest

    uh oh another thread has been started. Hide and seek.
     
  9. Anonymous

    Anonymous Guest

    03/04/2013

    Cooley Helps Cylex Use Chapter 11 Bankruptcy to Achieve Exceptional Sale Price


    San Francisco, Calif. – March 4, 2013 – Cooley LLP announced today that it represented client Cylex Inc., a Maryland-based life sciences company, whose diagnostic test kit detects immune function in organ transplant patients, in a highly successful sale of the company's assets through a distressed M&A process.

    The multi-office Cooley team representing Cylex included lead bankruptcy counsel Robert Eisenbach and associates Lesley Kroupa, Alex Velinsky, and Robert Winning; business partners Kenneth Krisko and Ryan Naftulin and associates Aaron Binstock and Noelle Sitthikul Dubiansky; employment associate Andrew Turnbull; and insurance partner Ann Mooney.

    Crushed by the expense and cloud of a U.S. Attorney investigation triggered by a False Claims Act qui tam complaint, Cylex was running out of money and unable to attract further investment or find a buyer. Working closely with Cylex's leadership, Cooley crafted a strategy to utilize the Chapter 11 bankruptcy Section 363 sale process to allow a buyer to purchase Cylex's assets "free and clear" of the False Claims Act claims. After several months of negotiations with a strategic bidder, on November 21, 2012, Cylex executed an asset purchase agreement with this "stalking horse bidder" at a price of $6 million, subject to higher and better bids. The Chapter 11 case was filed in Delaware on December 3, 2012, after which a short but intense M&A re-marketing process began. On the "overbid" deadline of January 18, 2013, two new strategic bidders submitted topping bids at the $6.7 million minimum overbid price.

    An auction was held on Tuesday, January 22, 2013 with all three bidders present. After 16 rounds of bidding, spanning more than 12 hours, the winning bid was a stunning $14.425 million, which was more than $8 million over the stalking horse bid. The Bankruptcy Court approved the sale on January 23, 2013, and the sale closed in February.

    As a result of the bankruptcy strategy that the Cooley team developed and executed, Cylex, now known as Immunology Partners Inc., sold its assets at 2.6 times revenue – a multiple typically reserved for healthy companies in its industry – despite its financial distress and external legal issues.
     
  10. Anonymous

    Anonymous Guest

    Firstly Viracor overpaid. Secondly that means sales were 5.5M in 2012. Thirdly what about our stock? Do we get anything?
     
  11. Anonymous

    Anonymous Guest

    our common stock isn't worth dick.