Wang expects worse lossWang Laboratories Inc. said...


September 25, 1992

Wang expects worse loss

Wang Laboratories Inc. said yesterday that the financial loss from its last fiscal year could be worse than originally stated due to the extra costs of shrinking the company in bankruptcy court. The computer company, based in Lowell, Mass., said it expects to restate the results for the fiscal year that ended June 30 to account for additional restructuring charges.

The company said "these charges could be substantial and result in a sizable loss for the prior fiscal year." When Wang filed for Chapter 11 bankruptcy protection Aug. 18, it estimated its fiscal 1992 losses totaled $139.2 million.

Symbiosis Corp. to be acquired

American Home Products Corp. announced it will acquire Symbiosis Corp., a Miami-based pharmaceutical company, for $175 million. Under the agreement, American Home Products will make additional payments to Symbiosis based on the company's performance.

Genetic Therapy signs pact

Genetic Therapy Inc., a Gaithersburg biotechnology company, said yesterday that it signed a collaborative agreement with a Cambridge, Mass., company to develop gene therapy products for hemophilia. GTI and Genetics Institute Inc. will work to produce two proteins essential to blood clotting, absent in patients with two different forms of hemophilia.

Under of the agreement, Genetic Therapy will have the exclusive right to market the product in North America, and manufacturing rights worldwide. Genetics Institute will have marketing rights outside North America.

Rouse elects two board members

The Rouse Co. of Columbia said yesterday that it elected Roger W. Schipke and Hanne W. Merriman to its board, replacing two of the four directors who left when Rouse's biggest shareholder, Trizec Corp. Ltd. of Canada, sold most of its stake last week.

Mr. Schipke is chairman and chief executive of the Ryland Group Inc. in Columbia, one of the nation's biggest home building companies. Ms. Merriman is a retailing consultant who has been president of Nan Duskin Inc. and the Washington-based department store chain Garfinckel's.

House OKs Cuba trading ban

The House approved yesterday a bill banning foreign subsidiaries of U.S. companies from trading with Cuba and barring ships engaging in trade with Cuba from U.S. ports for six months. The Senate attached similar legislation to a defense authorization bill last week.

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