MONTREAL – Thallion Pharmaceuticals Inc. (TSX:TLN) says it has received $3.9 million from the sale of Caprion Proteomics Inc., a company that it partially spun off and sold several years ago.
The Montreal-based company was formed in 2007 by the amalgamation of Ecopia BioSciences Inc. and Caprion Pharmaceuticals Inc.
Thallion sold most of its share of the proteomics business previously but retained a 16 per cent stake.
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It announced Thursday that it received the equivalent of 12 cents per share from proceeds of the sale of Caprion Proteomics to an affiliate of Chicago Growth Partners.
The amount Thallion receives may be increased to $4.5 million or more if certain conditions are met.
Thallion primarily develops pharmaceutical products in the areas of infectious disease and cancer treatment.
“With the sale of our equity stake in Caprion, we have once again materially increased our cash position without any dilution to our shareholders, adding to our already strong balance sheet,” said Allan Mandelzys, Thallion’s chief executive officer, said in a statement.
“This immediate cash injection of close to $4 million greatly enhances our strategic flexibility. We congratulate the Caprion team and Great Point Partners for an excellent outcome for this business and all its stakeholders.”
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