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SDIX™ (NASDAQ: SDIX) today announced it has completed the sale of the assets of its Life Science businesses to OriGene Technologies for $16 million. Following this transaction, the Company will be renamed Special Diversified Opportunities Incorporated (SDOI). OriGene Technologies is acquiring the intellectual property, current inventory and commercial contracts, as well as its equipment and will employ substantially all of the current staff. They also will acquire the rights to the SDIX branding and will conduct business as SDIX LLC.
"We are excited to combine the two companies to build one of the most comprehensive collection of high-quality antibodies for key applications both in research and diagnostics fields," said Wei-Wu He, Ph.D., Chairman and Chief Executive Officer, OriGene Technologies. "We believe the combined companies will now be better able to serve our customers with a broader portfolio of antibody products and services to help find the best solutions for their antibody and assay needs.”
Steven Becker, Chairman of the board at SDOI commented “With the transaction now closed the board of Special Diversified Opportunities Inc. will, as described in our Proxy, undertake a process to determine the best use of the company's cash, public company status and remaining assets, including net tax operating losses. We look forward to creating a beneficial result for all SDIX shareholders."
Broad Oak Capital Partners provided advisory services to SDIX for this transaction.
About OriGene Technologies (www.origene.com)
OriGene Technologies, Inc. develops, manufactures, and sells genome wide research and diagnostic products worldwide. OriGene has developed an extensive array of ultra-specific monoclonal antibodies called UltraMAB™ which offers significant improvement over traditional antibodies in antibody specificity. UltraMAB™ antibodies are validated by OriGene’s proprietary high density microarray technology for a wide variety of antibody applications.
This news release may contain forward-looking statements reflecting SDIX's current expectations. When used in this press release, words like “anticipate”, “could”, “enable”, “estimate”, “intend”, “expect”, “believe”, “can”, “potential”, “will”, “should”, “project”, “plan” and similar expressions as they relate to SDIX are intended to identify said forward-looking statements. Investors are cautioned that all forward-looking statements involve risks and uncertainties, which may cause actual results to differ from those anticipated by SDIX at this time. Such risks and uncertainties include, without limitation, our ability to determine and execute a strategy or strategies to make the best use of our cash, public company status and remaining assets, including net tax operating losses, and other factors more fully described in SDIX's public filings with the U.S. Securities and Exchange Commission.