10/11/2010 7:28:43 AM
Xconomy -- San Diego’s Cypress Bioscience (NASDAQ: CYPB), has agreed to sell its diagnostices business to Albuquerque, NM-based Exagen Diagnostics for as much as $8 million in upfront and milestone payments, with additional future payments in the form of royalties on product sales. Exagen Diagnostics, which specializes in the discovery and development of genomic marker tests, is acquiring Cypress Bio’s diagnostic business in its entirety, and will assume the lease for all lab operations in San Diego. The company said all of Cypress Bio’s lab employees will be offered positions with Exagen.
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