Biophage Pharma announces sale of Immunotox Labs Division to Validapro BioSciences Inc

20-May-2008

Biophage Pharma announced that it has sold the assets of its Immunotox Labs Division to Validapro BioSciences Inc. for an aggregate consideration of $400,000 in cash and the assumption by Validapro Biosciences of certain liabilities. Validapro BioSciences will maintain all the personnel and will continue operation at the same premises. No finder fees were paid with respect to this transaction.

The sale of the Immunotox Labs division represents Biophage Pharma strategic initiative to focus exclusively on its advanced R&D program, which includes the detection, prevention and control of bacterial infections. Biophage Pharma has retained its core scientific team in order to achieve its immediate and longer-term commercialization goals. The proceeds from the transaction will significantly strengthen the Corporation's balance sheet while greatly reducing its total debt. This Transaction is subject to final approval by the TSX Venture Exchange.

"We realized the need to realign our strategic focus on areas that will generate the greatest return for our shareholders in the coming year. Moving forward, we will focus exclusively on the commercialization of the PDS(R) Biosensor and the management of nosocomial infections. The estimated global market for anti-infectives has reached more than US$20 billion. Building on our positive test results and near-market product in the pipeline, Biophage Pharma will continue to target exciting new commercial opportunities in the US and Europe" said Dr. Rosemonde Mandeville, president and CEO of Biophage Pharma Inc.

https://www.bionity.com/en/news/82264/biophage-pharma-announces-sale-of-immunotox-labs-division-to-validapro-biosciences-inc.html