the age report to propel cgs from today's AGe newspaper
http://www.theage.com.au/articles/2004/09/21/1095651324051.html?from=storylhs
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.
Melbourne-based CogState listed on the Australian Stock Exchange in February this year with a market capitalisation of $17 million. However, despite a series of positive announcements, its market value has since fallen to just $8.7 million. A potentially lucrative marketing deal with US helmet manufacturer Schutt Sport - the computerised test is also used to manage the treatment of concussion among athletes - went relatively unnoticed by the market. On average fewer than 120,000 shares are traded daily.
Dr Bick said he could pull his hair out trying to do good deals for little recognition or sell the company. "My objective is unabashed," he said. "I want to make money for shareholders." He added that he was prepared to consider any offer above the issue price of 50 ¢ a share.
While CogState has sold its concussion test to teams in the Australian Football League and National Rugby League, as well as the British Jockey Club, it has struggled to broaden its local revenue base. Attempts to sign on Australian racing bodies have so far failed.
Dr Bick said he would consider merging with an Australian biotechnology or medical device company, but only if a deal created an entity with a market capitalisation of at least $50 million.
CogState shares yesterday closed 0.5 ¢ weaker at 24.5 ¢.
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