Business
Acolyte Biomedica update
Acolyte Biomedica update.
About this update from Cellbxhealth Plc
[{"type":"text","content":"\n RNS Number : 1906U Angle PLC 11 October 2010 \n \n\n \n \n\n\n\n\nFor immediate release\n\n\n11 October 2010\n\n\n\n\n \nANGLE plc (\"the Company\" or \"ANGLE\")\n \nAcolyte Biomedica update\n \n \nANGLE plc, which focuses on the commercialisation of technology and the development of technology-based industry, provides the following update in relation to its Progeny® company Acolyte Biomedica, which was sold in February 2007. \n \nANGLE was due an earn-out of up to £4.7 million receivable early in 2010. A fair value of £1.5 million is included in relation to this in the statement of financial position at 30 April 2010. The deferred consideration of up to £4.7 million due in respect of the sale of the investment in Acolyte Biomedica (medical diagnostics / MRSA detection) remains subject to dispute between the former Acolyte shareholders and the purchaser. \n \nANGLE is awaiting the outcome of legal action by the major Acolyte shareholder. It is now understood that the court hearing in relation to this has been rescheduled to June 2011.\n \nOnce 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. \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\nStewart Wallace\n \n\n\n0207 523 8350\n\n\n\n\nScott Harris \nStephen Scott, James O'Shaughnessy, Harry Dee\n \n\n\n0207 653 0030\n\n\n\n\n \n \nNotes to Editors\n \nANGLE plc\n \nFounded in 1994, ANGLE focuses on the commercialisation of technology and the development of technology-based industry. ANGLE creates, develops and advises technology businesses on its own behalf and for its clients. \n \nANGLE's specialist Management services business provides support on a fee-for-service basis to major clients around the world involved in incubation, IP commercialisation, SME innovation and growth and the operation of science & technology parks.\n \nANGLE also owns a portfolio of company holdings with high growth potential in the medical and technology sectors. These have been developed whilst sub...