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Biophage sells Immunotox Labs Division to Validapro
June 2008
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MONTREAL—Biophage Pharma in mid-May announced it sold the assets of its Immunotox Labs division to Validapro BioSciences Inc. for an aggregate consideration of $400,000 in cash and the assumption by Validapro Biosciences of certain liabilities. Validapro BioSciences will maintain all the personnel and will continue operation at the same premises. The sale of the division represents Biophage's strategic initiative to focus on its advanced R&D program, which includes the detection, prevention and control of bacterial infections. Biophage Pharma has retained its core scientific team in order to achieve its immediate and longer-term commercialization goals. The proceeds from the transaction will significantly strengthen the corporation's balance sheet while greatly reducing its total debt. This transaction is subject to final approval by the TSX Venture Exchange.

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