Of the $6.4 million purchase amount, $5.85 million was paid at the time of closing and the remaining proceeds are expected within the next six weeks. The company will file a form 8-K no later than March 25, 2008 with further information regarding the material accounting implications of the sale of the Swiss facility.
Declan Daly, CEO of Isolagen, said: “The resources generated from the sale of our Swiss facility will play a key role in the further advancement of our clinical development projects for the Isolagen Therapy.”