Lunar to spin off Bone Care subsidiary
Lunar has moved forward with its plan to spin off its Bone Caresubsidiary to shareholders. The Madison, WI, bone densitometryfirm said that one share of Bone Care common stock would be distributedfor every two shares of Lunar common stock held. Lunar
Lunar has moved forward with its plan to spin off its Bone Caresubsidiary to shareholders. The Madison, WI, bone densitometryfirm said that one share of Bone Care common stock would be distributedfor every two shares of Lunar common stock held. Lunar will alsocontribute $10.7 million to Bone Care prior to the distribution.Bone Care is developing a vitamin D analog for treatment of secondaryhyperparathyroidism associated with end-stage renal disease.
Lunar last week posted financial results for its most recentquarter (end-March) that show revenues up 41% and net income up46%. Lunar had sales of $17.3 million for the quarter, comparedwith $12.2 million for the same period a year ago. Net incomewas $2.6 million, compared with $1.8 million in the correspondingperiod of 1995. Lunar president Richard Mazess said that the strongresults were due to increased demand for bone densitometry systemsin the U.S. thanks to the introductions of Merck's Fosamax andSandoz's Miacalcin, two therapies for osteoporosis.
Lunar introduced two new bone densitometry devices during thequarter. DPX-IQ performs spine scans in one minute with betterimage quality at a lower price, according to the company, whileORCA is a mini C-arm densitometer for use by orthopedic surgeonsto image extremities during surgery. Lunar began sales of DPX-IQthis month and will begin selling ORCA this summer.
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