Disposal
31 Diciembre 2003 - 4:00AM
UK Regulatory
RNS Number:7521T
PPL Therapeutics PLC
31 December 2003
PPL Therapeutics plc
For immediate release 31 December 2003
PPL Therapeutics plc ("PPL")
Disposal of the NT intellectual property
PPL announces that it's subsidiary, PPL Therapeutics (Scotland) Limited, has
entered into unconditional agreements to dispose of its in-licensed rights to
the Roslin Institute's nuclear transfer patents and the related know-how (the "
NT intellectual property") to Exeter Life Sciences, Inc. ("Exeter"). The
consideration of $1.35 million (#0.76 million), which is payable in cash, is
expected to be received from Exeter today.
The NT intellectual property was used by PPL to create cloned sheep, but has not
been used in its product development programmes. PPL had fully expensed the
costs associated with developing the NT intellectual property; as such the net
book value of the NT intellectual property at 30 June 2003 was #nil. Therefore,
the sale of the NT intellectual property gives rise to an estimated gain on
disposal of #0.76 million.
The proceeds receivable of #0.76 million less tax and selling expenses will be
used to supplement PPL's existing cash resources with a view to maximising
short-term value for shareholders.
PPL will continue to provide further updates to shareholders at the appropriate
time.
Contact: Chris Greig, Chairman
Adam Christie, Business Development Director
PPL Therapeutics plc
Telephone: 0131 440 4777
Alistair Mackinnon-Musson
Philip Dennis
Hudson Sandler
Telephone: 020 7796 4133
Email: ppl@hspr.co.uk
This information is provided by RNS
The company news service from the London Stock Exchange
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