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Biotech / Medical : Gliatech (GLIA)

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To: scaram(o)uche who started this subject	1/3/2003 8:33:33 PM
From: Jorgen Jensen	Read Replies (1) of 2001

GLIATECH ANNOUNCES AGREEMENT TO SELL ADCON® GEL ASSETS Cleveland, OH— January 3, 2003 -- Gliatech Inc. (GLIAQ.PK) has entered into a definitive agreement to sell its ADCON® Gel assets to Wright Medical Group, Inc. (Nasdaq: WMGI) for $8.4 million and future royalties. Such agreement is subject to Bankruptcy Court approval, and the transaction is expected to close in the first quarter of 2003. Gliatech is conducting an auction of its ADCON® assets as part of the Company's Bankruptcy Proceedings announced May 9, 2002. The Company continues to have discussions with interested parties regarding the sale of its ADCON® Solution assets. Adams, Harkness & Hill, Inc. serves as Gliatech’s investment advisor to conduct and manage the auction of the Company’s ADCON® assets.

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