Tekcapital plc Belluscura acquires Nanotether Discovery Science (1889D)
25 Aprile 2017 - 8:00AM
UK Regulatory
TIDMTEK
RNS Number : 1889D
Tekcapital plc
25 April 2017
25 April 2017
Tekcapital plc
("Tekcapital" or the "Company")
BELLUSCURA LTD ACQUIRES NANOTETHER DISCOVERY SCIENCE LTD
Tekcapital plc (AIM: TEK), an international provider of
technology and intellectual property services, announces that
Belluscura Ltd ("Belluscura"), has acquired the entire issued share
capital of Nanotether Discovery Science Ltd ("Nanotether") for a
total consideration of approximately GBP265,000, which has been
satisfied entirely by the issue of new ordinary shares in
Belluscura.
Founded in 2012, Nanotether owns intellectual property designed
to accelerate the rate at which biomolecular interactions can be
studied via biological assays, intended for use in the
pharmaceutical and biotechnology markets, especially where high
throughput drug discovery programmes are in use.
Through the acquisition, Belluscura has acquired all the
intellectual property, cash reserves and tangible assets of
Nanotether. The terms of the acquisition have been designed so that
Belluscura shall not be responsible for any liabilities of
Nanotether incurred prior to the completion of the acquisition and,
among other things, Belluscura has indemnities and guarantees in
its favour from Nanotether's principal shareholder in respect of
such matters. No employees or consultants are to remain with
Nanotether and the liabilities regarding previous and current
employees have been settled prior to the acquisition.
Nanotether's unaudited management accounts as at 5 April 2017
record net assets of approximately GBP281,000, which include a cash
balance of approximately GBP204,000 and negligible liabilities.
Nanotether's intellectual property has been recorded at nil value
within this unaudited management information. Nanotether's
unaudited management accounts for the period from 1 August 2016 to
5 April 2017 recorded an operating loss of approximately GBP5,000,
reflecting the minimal level of operating activity in the company,
which was wound down from the fourth quarter of 2015 to a "care and
maintenance" basis. Nanotether's most recently filed accounts are
for the financial year ended 31 July 2016 and record an operating
loss of approximately GBP255,000 and no revenue.
As a result of the issue of new shares in Belluscura in
connection with the acquisition, Tekcapital's ownership interest in
Belluscura has been reduced from approximately 65% to approximately
61% of its share capital.
Bob Rauker, Belluscura's CEO said: "We are delighted to complete
this acquisition which will further enhance Belluscura's
assets."
For further information, please contact:
Tekcapital Plc
Clifford M. Gross, Ph.D. info@tekcapital.com
Allenby Capital Limited (Nominated
Adviser & Joint Broker) +44 (0) 20 3328 5656
Jeremy Porter / Alex Brearley
Dowgate Capital Stockbrokers
(Joint Broker) +44 (0) 1293 517744
David Poutney / James Serjeant
Walbrook PR Ltd +44 (0) 20 7933 8780
Paul Cornelius / Helen Cresswell tekcapital@walbrookpr.com
/ Sam Allen
About Belluscura:
Belluscura Limited is a global medical device company founded in
in Oxford, England. Its mission is to make healthcare more
affordable for patients and their providers by providing
proprietary medical devices across a wide variety of treatment and
diagnostic disciplines. Belluscura's products were originally
developed by leading medical device companies or research centres,
and with its unique business model it is able to offer these
devices at affordable prices. To learn more about Belluscura please
visit www.belluscura.com.
Tekcapital plc - The World's Largest University Network for Open
Innovation
Tekcapital helps clients profit from new, university-developed
intellectual properties. With its proprietary discovery search
engine, linked to 4,500+ universities in 160 countries, coupled
with expert scientific review, Tekcapital provides a turn-key
service to make it easy for clients to find and acquire the IP,
analytics and technology transfer professionals they need to create
a competitive advantage. Tekcapital plc is quoted on the AIM market
of the London Stock Exchange (AIM: symbol TEK) and is headquartered
in Oxford, in the UK. For more information, please visit
www.tekcapital.com
LEI: 213800GOJTOV19FIFZ85
This information is provided by RNS
The company news service from the London Stock Exchange
END
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