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Press Release DoveBid® Auctions off Biotech Intellectual Comprehensive Marketing Campaign Utilizing International Exposure Via FOSTER CITY, California. (October 25, 2000) - DoveBid, Inc., a leader in Webcast and online business-to-business capital asset auctions and valuation services, today announced that it completed an auction of intellectual property on behalf of LXR Biotechnology, Inc. Proceeds from the sealed-bid auction totaled $968,829. Headquartered in Richmond, California, LXR Biotechnology was a publicly traded company focusing on the discovery, development, and commercialization of novel therapeutics to treat diseases associated with the dysregulation of apoptosis. As the final phase of its voluntary corporate liquidation to shareholders, the LXR Biotechnology auction involved four distinct technology packages – Cardiosol, Elirex, Lexirin and Apoptosis Technologies– including 19 issued patents and over two dozen pending patents. “We are pleased that LXR Biotechnology chose DoveBid to conduct this auction,” said Jeff Crowe, president and COO of DoveBid. “Although this was not a typical capital asset auction, several factors enabled us to make this event a resounding success: the combination of LXR’s strong reputation, our domain experience in the biotech asset category, and e-mail marketing and online advertising targeted to our network of buyers.” “It was imperative that we maximize the dollar recovery to our shareholders from the sale of our technology. We also wanted to ensure that our research continues to be developed and advanced, even though we will no longer be directly involved. By working with DoveBid, we were able to accomplish both goals,” said Paul J. Hastings, director and former CEO, LXR Biotechnology, and currently President of Chiron Corporation Biopharmaceuticals. “Through the reach of the Internet, DoveBid brought buyers from around the world to participate in our auction, helping us to get maximum value of our patents and thereby streamlining the sale-transfer process.” About DoveBid Corporate Contact:
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