Business
Trade Sales
Trade Sales.
About this update from Cellbxhealth Plc
[{"type":"text","content":"\n Angle PLC\n14 February 2007\n\n\n\nFor Immediate Release 14 February 2007\n\n ANGLE plc\n\n Trade sale of Acolyte Biomedica\n\nANGLE plc ('ANGLE') is pleased to announce that its venture company Acolyte\nBiomedica Ltd ('Acolyte') has been sold to 3M Corporation ('3M').\n\nUnder the terms of the agreement, 3M will make an initial cash payment to the\nvendors of Acolyte on completion plus a further cash payment based on the level\nof 3M sales of Acolyte-derived products in the calendar year 2009. ANGLE's share\nof the proceeds will be up to £5.6 million consisting of initial cash proceeds\nof £0.9 million and a second cash payment of up to £4.7 million. The cash\nproceeds will be applied towards the expansion of ANGLE's business through the\ndevelopment of new ventures using ANGLE's Progeny(R) process. In the year ended\n31 December 2006, Acolyte's sales were £0.1 million on which it made a pre-tax\nloss of £1.6 million. As at 31 December 2006, Acolyte had net assets of £0.3\nmillion.\n\nANGLE founded Acolyte in conjunction with the Defence Science and Technology\nLaboratories (Dstl), an agency of the Ministry of Defence at Porton Down,\nWiltshire, on whose technology it is based, in 2000. The current shareholder\nbase includes Porton Capital, Ploughshare Innovations (Dstl's Technology\nTransfer arm) and Partnerships UK and the company is chaired by John McKinley.\n\nANGLE has been actively involved in the management of the business ever since.\nAndrew Newland chaired the business for the first two years of its existence and\nan ANGLE executive has been on the board ever since its establishment. During\nthis time, Acolyte has completed three venture capital rounds, undertaken key\nproduct development and launched its first product, the BacLite(R) Rapid MRSA\ntest which allows hospitals to obtain results within five hours of screening\npatients and hospital workers for the presence of MRSA. This compares with three\ndays to obtain results from conventional screening.\n\nDetection of the MRSA super-bug is the first application of Acolyte's BacLite(R)\ntechnology, which can also be applied to the diagnosis of a wide range of other\nserious infections.\n\nAndrew Newland, Chief Executive of ANGLE plc said:\n'The development of Acolyte Biomedica from start-up through to trade sale to a\nmajor international company is a major mi...