Life Therapeutics Retires Debt With Serologicals; Company Makes Final Payment on Acquisition
October 04 2005 - 8:11AM
Business Wire
Life Therapeutics (ASX:LFE) announced today that the company has
retired the $6.8 million note held by Serologicals Corporation of
Atlanta. The payment finalized Life Therapeutics' December 2003
purchase of the Therapeutic Plasma business from Serologicals. The
business is now the Life Sera division of Life Therapeutics. Under
the terms of the transaction, the debt was discounted to $6.0
million in return for early payment and a royalty-bearing,
non-exclusive commercial license to the Gradiflow(TM) technology.
The Gradiflow(TM) technology, invented and owned by Life
Therapeutics, is a smaller and more cost-effective protein
fractionator than those currently in general use. It employs
breakthrough technology to separate blood plasma into its various
components, simultaneously purifying the proteins that are later
used in biological products. Life Therapeutics was formerly known
as Gradipore Limited, Sydney, Australia. "This milestone allows us
to finalize this significant purchase which has been such a turning
point for us," said Dr. Hari Nair, Chief Executive Officer and
Managing Director of Life Therapeutics. "Considering our
long-standing relationship, we are very pleased that Serologicals
will acquire the first commercial license of the Gradiflow(TM)
technology." "We are very impressed with the Gradiflow(TM)
technology and we plan to look for avenues in which it can help us.
We were also pleased to achieve closure on the sale of our
Therapeutic Plasma unit, now known as Life Therapeutics' Life Sera
division," said David A. Dodd, President and CEO of Serologicals
Corporation. "We wish them well." Serologicals Corporation
(NASDAQ:SERO), headquartered in Atlanta, GA., is a global leader in
developing and commercializing consumable biological products,
enabling technologies and services in support of biological
research, drug discovery, and the bioprocessing of life-enhancing
products. Its customers include researchers at major life science
companies and leading research institutions involved in key
disciplines, such as neurology, oncology, hematology, immunology,
cardiology, proteomics, infectious diseases, cell signaling and
stem cell research. In addition, Serologicals is the world's
leading provider of monoclonal antibodies for the blood-typing
industry. Serologicals employs a total of more than 1,000 people
worldwide in three Serologicals' companies: Chemicon International,
headquartered in Temecula, CA, Upstate Group, LLC, headquartered in
Charlottesville, VA. and Celliance Corporation, headquartered in
Atlanta, GA Life Therapeutics is an international company with 444
employees, located in Australia and the United States with
manufacturing operations in both countries and 13 plasma donor
centers in eight American states. Life Therapeutics recently
established its U.S. American Depositary Receipt (ADR) Level I
program which enables trading in Life Therapeutics shares by U.S.
based investors and is an important step toward the company's
ultimate objective of achieving a full listing on NASDAQ stock
exchange. The company's four divisions are all headquartered in
Atlanta, Georgia and include: Life Sera, Life Gels, Life
Diagnostics, and Life Manufacturing. Life Sera collects specialty
plasma, including Anti-D and Hepatitis B from a donor base of more
than 5,000 in thirteen U.S. collection centers. The plasma is then
sold to blood fractionators who process it into hyperimmune
therapeutic products. Life Gels offers pre-cast gels for use in
biological research and diagnostic testing, including a variety of
electrophoresis systems. It also offers ultra-sensitive and rapid
stains, molecular weight markers, and specially formulated buffers.
Life Diagnostics provides highly specific diagnostic tests for
blood-clotting disorders and source plasma products for blood-borne
diseases. Technologies include specialized blood coagulation tests
to predict the risk of thrombosis and bleeding disorders. It also
collects high-titer source plasma and serum used to make diagnostic
kits. Life Manufacturing incorporates the Gradiflow(TM) technology
with the manufacture of therapeutic and diagnostic products.
Gradiflow(TM) is a patented process that simultaneously purifies
proteins and removes all viral pathogens, and infectious prion
proteins. For more information, visit our website at
www.life-therapeutics.com.
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