Anybody remember what they paid for Eligix? Not that it matters, now that they got a whole $450,000 for it.
BioTransplant Enters Into Agreement to Sell The Eligix(TM) HDM Cell Separation System to Miltenyi Biotec GmbH
Wednesday June 4, 4:01 pm ET
- Sale Subject to Bankruptcy Court Approval -
MEDFORD, Mass., June 4 /PRNewswire-FirstCall/-- BioTransplant, Inc. (OTC Bulletin Board: BTRNQ.OB - News) today announced that it has entered into an agreement with Miltenyi Biotec GmbH for the sale of its Eligix(TM) HDM Cell Separation System. In connection with this transaction, Miltenyi has agreed to acquire all intellectual property and physical assets associated with the Eligix business in exchange for an upfront payment of $450,000 and royalties of 4-10% of future sales. The Eligix(TM) HDM Cell Separation Systems use monoclonal antibodies to remove unwanted cells from bone marrow, peripheral blood stem cell and donor leukocyte grafts used in transplant procedures.
As previously announced, on February 27, 2003, the Company and Eligix, Inc., its wholly-owned subsidiary, filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code in the United States Bankruptcy Court in Boston Massachusetts. The sale of the Eligix assets is subject to approval by the bankruptcy court.
"We are pleased to enter into this agreement with Miltenyi, which, if approved by the Court, will provide us with both near term capital and potential down-stream royalty income," stated Donald B. Hawthorne, President and Chief Executive Officer of BioTransplant |
