(Alliance News) - Byotrol PLC on Friday said it has completed the sale of formulation of its antimicrobial surface spray to its existing US licensee Integrated Resources Inc.
The Chester, England-based antimicrobial technologies and products developer said the agreement involves a sale of all rights to the formulation in the Americas, including registrations and patent rights, in return for cash payments of USD1.4 million, paid over a maximum of two years, with the first payment already made.
Byotrol said it will continue to act as the preferred technical services provider to Integrated Resources and its customers on the formulation, paid-for by Integrated Resources on a case-by-case basis.
Byotrol retained all ownership and rights over the formulation outside the Americas.
There will be further payments to Byotrol, it said, should Integrated Resources sell the formulation within three years.
AIM-listed Byotrol shares were trading 2.3% higher in London on Friday morning at 4.50 pence each.
By Evelina Grecenko; evelinagrecenko@alliancenews.com
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Byotrol (BYOT)