Life Therapeutics retires Serologicals' $6.8 million note, completing plasma business purchase

By Jennifer Chiou

New York, Oct. 4 - Life Therapeutics announced it retired the $6.8 million note held by Serologicals Corp., finalizing its December 2003 purchase of the therapeutic plasma business from Serologicals.

The business is now the Life Sera division of Life Therapeutics.

Under the terms of the transaction, the debt was discounted to $6 million in return for early payment and a royalty-bearing, non-exclusive commercial license to the Gradiflow technology - a protein fractionator used to separate blood plasma.

"This milestone allows us to finalize this significant purchase, which has been such a turning point for us," Hari Nair, Life Therapeutics' chief executive officer and managing director, said in a news release.

"Considering our long-standing relationship, we are very pleased that Serologicals will acquire the first commercial license of the Gradiflow technology."

Based in Atlanta, Serologicals develops and markets biological products, technologies and services for biological research.

Life Therapeutics, which is also based in Atlanta, through its four divisions, collects specialty plasma, offers pre-cast gels for use in biological research and provides diagnostic tests for blood-clotting disorders and source plasma products for blood-borne diseases.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.