Demise of a Wall Street Star
Neuromedical Systems, once a rising star on Wall Street and the leader of a crop of new Pap smear automation companies, filed for bankruptcy in March. One of its chief competitors, AutoCyte Inc. is bidding to buy the company's intellectual property. AutoCyte then has an agreement with NeoPath Inc. to share ownership of the assets and in turn Neopath will pay approximately half of the purchase price of about $12 million to AutoCyte. The AutoCyte deal has to be approved by the US bankruptcy court.
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