Wednesday, January 21, 2009

Nanogen Looks For New Suitor

San Diego-based Nanogen, a developer of molecular diagnostics products, said today that it has received permission to investigate alternatives to a previously announced merger with the Elitech Group. Nanogen had originally announced its merger with the Elitech Group, a French diagnostics company, in August of 2008. According to Nanogen, the firms agreed to waive the restrictions on investigating other alternatives, because the firms said that it is "unlikely" that closing conditions to their merger will be complete by March 31st. The firms cited both the unlikelihood of receiving stockholder approval, and the current financial markets, for the change in plans.