Business
Acolyte Biomedica Update
Acolyte Biomedica Update.
About this update from Cellbxhealth Plc
[{"type":"text","content":"\n \nRNS Number : 7634G Angle PLC 18 May 2011 \n \n\n \n \n\n\n\n\nFor immediate release\n\n\n18 May 2011\n\n\n\n\n \nANGLE plc (\"the Company\")\n \nAcolyte Biomedica Update \n \nANGLE plc, which focuses on the commercialisation of technology and the development of technology-based industry, is pleased to provide an update in respect of the deferred consideration due on the sale of its portfolio company Acolyte Biomedica Limited, which specialises in medical diagnostics / MRSA detection. \n \nANGLE founded Acolyte Biomedica as a spin-out from the Defence Science and Technology Laboratory (dstl) to commercialise a rapid MRSA (hospital super-bug) detection technology. The product BacLite was successfully developed and approved for use in Europe and was adopted by several hospitals for the detection of MRSA. The company was sold in February 2007 with ANGLE due an earn-out of up to £4.7 million receivable in early 2010. The payment of the earn-out is subject to dispute between the former Acolyte shareholders and the purchaser.\n \nANGLE notes that, by letter dated 9 May 2011, lawyers acting on behalf of the former major Acolyte shareholder have asked the US Food and Drug Administration (FDA) to accept a citizens' petition to \"investigate the [purchaser of Acolyte], to conduct an administrative proceeding and then hold a public hearing to receive evidence and testimony regarding gross negligence in the conduct of the pre-approval clinical trials of BacLite\". Details of the allegations against the purchaser are set out on www.mrsa-injustice.com. \n \nThe purchaser denies all the allegations. \n \nANGLE is awaiting the outcome of legal action by the former major Acolyte shareholder in the UK courts. It is understood that the Court date has been set in June 2011. Once the outcome of this action is known, ANGLE expects to pursue its own claim against the purchaser. At present ANGLE has no exposure to legal costs. ANGLE's earn-out of up to £4.7 million is held on the balance sheet at £1.5 million.\n \n \nFor further information:\n \n\n\n\n\nANGLE plc\n\n\n01483 685830\n\n\n\n\nAndrew Newland, Chief Executive\nIan Griffiths, Finance Director\n \n\n\n\n\n\n\n\nCollins Stewart Europe Limited\nMatt...