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news.Biophage Pharma has sold the assets of its Immunotox Labs division to Validapro BioSciences for an aggregate consideration of $0.4 million in cash and the assumption by Validapro Biosciences of certain liabilities.
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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 research and development 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. According to the company, the proceeds from the transaction will significantly strengthen its balance sheet while greatly reducing its total debt.
Luc Dubois, chairman of Validapro BioSciences, said: “With this addition of specialized services, Validapro BioSciences continues to realize its new strategic plan, by creating a unique global services center. We will offer to our clients high quality services that have always been the trademark of Biophage and Validapro.”