Tuesday, September 21, 2004

Business World: Australia's CogState

An article from the Australian website, The Age:

CogState promotes brain tests to draw takeover offers
By Rebecca Urban
September 22, 2004

Frustrated by its diminishing value on the Australian sharemarket, diagnostic maker CogState is pitching itself to some of the world's leading pharmaceutical companies as a potential takeover target.

Just seven months after the company's public listing, chief executive Peter Bick told The Age that he had become impatient with the lack of trading in its shares and selling the business might be the only way to recoup lost value for shareholders.

Dr Bick would not confirm which companies he was talking to. But pharmaceutical giants Pfizer, Johnson & Johnson and Lundbeck are believed to be high on the hit-list given they are the only companies worldwide to have Alzheimer's disease drugs approved for the market.

CogState's computerised brain test helps diagnose Alzheimer's by alerting doctors to changes in a patient's cognitive function and can help verify whether a patient is responding to prescribed medication.

Dr Bick will travel to the US next week to meet several drug companies and plans to emphasise the value of the test as a marketing tool for their products.

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