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Article: Stressgen Sells Bioreagents Unit To Better Focus On Lead Product.
- Article from:
- BIOWORLD Today
- Article date:
- November 3, 2009
CopyrightCOPYRIGHT 2009 A Thomson Healthcare Company. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Washington Editor
Concentrating its efforts on its lead drug, HspE7, Stressgen Biotechnologies Corp. agreed to divest its bioreagents business in a move that adds a bit of capital to its coffers.
The San Diego-based company signed a definitive agreement to sell those assets for about C$8 million (US$6.4 million) to a newly formed firm, Stressgen Bioreagents Corp., funded by Ampersand Ventures. The transaction is expected to close in the next 30 days, at which time 26 of Stressgen's 103 employees will join the new company. In the interim, the company will provide transitional administrative services for some added revenue.
"Basically, we're ...
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