Newark Bio-tech company SDIX this week released a filing with regulators showing a bigger operating loss in 2012. The 10K is an annual report required under securities laws.
The filing took note of the sale of the company to OriGene for $16 million, a deal that would account for nearly all of the assets of the company. The deal is subject to shareholder approval. Many employees of SDIX would be given jobs at OriGene, the company indicated. OriGene is based in Rockville, Md.
The company earlier sold its test kit business and is now shedding its life science business, which is focused on using its knowledge of antibodies and other areas to develop products for pharmaceutical companies and other areas of health care.
SDIX y posted a $7.2 million loss from continuing operations in 2012, compared to a $6.7 million loss a year earlier. Revenues fell to $15.1 million from $16.6 million. The company actually posted a net profit of $4.3 million, due to the sale of the test business.
To read the full filing, click here:
