Genetronics approves BTX sale

- Last updated on GMT

Related tags: Molecular biology, Biotechnology

Genetronics Biomedical has completed the sale its BTX division to
Harvard Bioscience for $3.7 million. Genetronics Biomedical's
stockholders approved the sale in a meeting on Friday.

Genetronics Biomedical has completed the sale its BTX division to Harvard Bioscience for $3.7 million. Genetronics Biomedical's stockholders approved the sale in a meeting on Friday.

The terms of the sale are $3.7 million in cash, subject to certain adjustments, and a royalty on net sales of BTX products above certain sales targets for a period of four years.

"I would like to thank our stockholders for their overwhelming support in the divestiture of BTX,"​ said Dr. Avtar Dhillon, Genetronics Biomedical's president and CEO."With this sale, Genetronics receives a form of financing that is non-dilutive and allows us to concentrate on our core human therapeutic platforms of oncology and gene delivery."

Harvard Bioscience develops and manufactures a broad range of products, primarily scientific instruments, used to accelerate drug discovery research..Genetronics Biomedical​uses its proprietary electroporation technology for the targeted intracellular delivery of therapeutic materials, concentrating on drugs, vaccines, and gene therapy.

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