Disposal of Investment

5 Jan 2005 07:00

BioProjects International PLC05 January 2005 BIOPROJECTS INTERNATIONAL PLC ("BIOPROJECTS") DISPOSAL OF STAKE IN ACOLYTE BIOMEDICA BioProjects announces that it has entered into a conditional agreement withPorton Capital Ltd for the sale of the whole of its shareholding in AcolyteBiomedica Ltd ("Acolyte"), the company that is developing a range of productsfor rapid detection of sepsis, blood infections and antibiotic resistance. "Porton Capital is already a substantial shareholder in Acolyte and the companyapproached us because it wanted to increase its stake," said chairman Mr. JimSlater. "BioProjects specialises in the financing of early-stage companies andwe consider it opportune now to take a reasonable profit and increase our cashresources." BioProjects will receive cash consideration of £2.5 million (net) forshareholding in Acolyte, which is a premium of approximately £500,000 over costand approximately £750,000 over book value. Further information from: Terry Bond, Managing Director, BioProjectsInternational. 01235 834734 or mobile 07860 842756. This information is provided by RNS The company news service from the London Stock Exchange