Belluscura Ltd has acquired Nanotether Discovery Science Ltd
Tekcapital plc, an international provider of technology and intellectual property services, announces that Belluscura Ltd, has acquired the entire issued share capital of Nanotether Discovery Science Ltd for a total consideration of approximately £265,000, 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 £281,000, which include a cash balance of approximately £204,000 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 £5,000, 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 £255,000 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.
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