ARTICLE | Company News
Miraculins, VeraLight deal
July 15, 2013 7:00 AM UTC
The companies executed a final purchase agreement under which Miraculins will acquire all assets related to VeraLight's SCOUT DS technology. Miraculins expects the transaction to close by July 27. Miraculins will pay VeraLight C$50,000 ($47,286) at deal close and C$100,000 ($94,572) within 90 days of closing. VeraLight will receive 13.1 million Miraculins shares and is eligible for additional Miraculins shares with the achievement of revenue milestones. Lisa Suennen, chairperson of VeraLight, will join Miraculins' board. Miraculins will also retain two VeraLight personnel who helped develop SCOUT DS. The companies signed a non-binding term sheet regarding the deal in April (see BioCentury, April 29). ...