BioCentury
ARTICLE | Company News

Prometic, American Red Cross deal

April 14, 2008 7:00 AM UTC

ProMetic signed a letter of intent to acquire the American Red Cross' common stock holdings in the partners' Pathogen Removal and Diagnostic Technologies Inc. JV. The acquisition will increase ProMetic's ownership to 77%. The remaining 23% of the company will continue to be held by the academic co-founders. American Red Cross will retain its preferred stock and be eligible for royalties on products developed from the JV's technology. ...