Genetronics approves BTX sale
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 Biomedicaluses its proprietary electroporation technology for the targeted intracellular delivery of therapeutic materials, concentrating on drugs, vaccines, and gene therapy.