Valentis enters into asset sale with Cobra Biologics; staff reduced by 60%

By Elaine Rigoli

Tampa, Fla., Aug. 7 - Valentis, Inc. said it has entered into an asset sale agreement with Cobra Biologics Ltd. for certain biomanufacturing rights and intellectual property. Financial terms of the sale were not disclosed, but the transaction includes a one-time cash payment to Valentis.

Valentis also announced it will reduce its staff by approximately 60% effective Aug. 18.

The remaining staff will continue to pursue strategic opportunities for the company including the sale or merger of the business, the sale of certain assets or other actions. Further reductions in staff are anticipated, the company noted.

In light of the company's announced plans for possible sale or merger, Alan C. Mendelson tendered his resignation from the board of directors.

Valentis is a biotechnology company based in Burlingame, Calif.

Cobra Biologics is a biopharmaceutical manufacturer with headquarters in Keele, England.

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