Lombard Medical Technologies PLC (LMT.L) said it has entered into a conditional agreement pursuant to which the Company's wholly owned subsidiary, PolyBioMed Limited will sell its polymer coatings business for a total of £1.0 million in cash.
As per the terms of the Agreement, PolyBioMed will sell the goodwill, contractual rights and intellectual property of its polymer coatings business to Bayer MaterialScience AG with the remaining assets to be sold to Bayer Plc.
Completion of the Agreement is expected to occur within the next few weeks.
On completion, the employees of PolyBioMed will be transferred to Bayer Plc and PolyBioMed will receive cash consideration of £1.0 million. The proceeds are intended to contribute towards funding the Company's ongoing US clinical trial of its lead product Aorfix.
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