Endogen, T Cell Sciences deal

TCEL sold its T Cell Diagnostics subsidiary to ENDG for $2.9 million. The subsidiary, which sells diagnostic and research products, had an operating loss of $4 million on sales of $2.3 million in 1995. The results exclude about $100,000 in sales of the TRAx product line, including CD4 and CD8 cell enumeration kits, which TCEL retained.

TCEL will receive $1.9 million in convertible debt payable over five years beginning in September, and a combination of cash and a short-term note as a buyout of about $1 million in obligations under a facility and equipment operating lease. The sale includes a 27,000 square foot manufacturing facility. ...