Sequenom Settles SensiGen Claims
San Diego-based Sequenom (NASDAQ: SQNM) disclosed in a regulatory filing it has issued 367,547 additional shares of its common stock, valued at $1.5 million, to settle claims stemming from its acquisition of Ann Arbor, MI-based SensiGen’s molecular diagnostic tests. Sequenom and SensiGen said last January the San Diego biotech was buying a variety of diagnostic tests from privately held SensiGen in a stock-and-cash deal valued at $8.7 million. The SensiGen principals who received an aggregate 71,836 shares as part of that deal notified Sequenom in July that they had suffered about $1.3 million in damages, based on Sequenom’s breached representations and warranties. Sequenom said a few months earlier that it had mishandled data from clinical trials for its non-invasive test for Down syndrome, a revelation that has triggered at least two federal investigations.