XEN sells manufacturing facility

Xenova (LSE:XEN; XNVA) sold its Canadian manufacturing facilities to QSV Biologics (Edmonton, Alberta) for L2.9 million ($5.2 million). XEN will receive $3.8 million in cash up front, and the remaining $1.5 million in two equal secured promissory notes maturing 12 and 18 months following completion.

The sale completes XEN's restructuring program, which began after XEN's acquisition of KS Biomedix in 2003 for L8.5 million ($13.6 million) (see BioCentury Extra, Thursday Aug. 14, 2003). ...