ARTICLE | Company News

Commonwealth Biotechnologies, Leadtec Systems Australia Pty. Ltd. supply/service news

November 8, 2010 8:00 AM UTC

Commonwealth divested its Australian subsidiary Mimotopes Pty. Ltd. to Leadtec for $950,000 in cash and up to $100,000 in potential milestones. Commonwealth said the sale is part of the company's previously announced strategy to divest all assets to form a debt-free shell and seek a reverse merger opportunity. At June 30, the company had $421,699 in cash and a six-month operating loss of $939,692 (see BioCentury, Aug. 2). ...