Forbes Medi-Tech announces sale of pharmaceutical assets

Terms of the sale include an upfront payment of $1 million in cash paid at closing to Forbes along with potential future payments of up to $6 million, in cash or Transition shares, based upon Transition reaching certain developmental and regulatory milestones as outlined in the agreement.

Charles Butt, president and CEO of Forbes Medi-Tech, said: “As highlighted in a recent news release, this initiative will reduce the company’s burn rate while allowing Forbes to clearly focus on further developing its nutraceutical business – through both organic growth and M&A initiatives within the functional food and dietary supplement markets.”