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LONDON (Alliance News) - Braveheart Investment Group PLC on Friday said it has agreed to sell its interest in Biopta Ltd to ReproCELL Inc, a company listed in Japan.
The sale requires Biopta's shareholders to enter a sale and purchase agreement with ReproCELL and the subsequent completion of the deal.
Biopta has been valued at GBP5.2 million, evenly split between cash and shares, under the deal, which makes Braveheart's interest worth GBP406,479. The stake was valued at GBP395,889 in Braveheart's accounts on September 30.
Biopta, a spin-out from Glasgow Caledonian University, is a contract research organisation and is involved in the use of human tissues to better predict drug safety and efficacy prior to clinical trials.
"The proceeds of the sale of the ReproCELL shares, as and when received, less a modest retention, will increase the company's cash reserves and will be used for general working capital," Braveheart said.
By Samuel Agini; samagini@alliancenews.com; @samuelagini
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