Acuvax sells 10% stake in RESprotect for A$750K
Australian drug developer Acuvax has sold its 10% equity stake in German pharmaceutical development company, RESprotect GmbH to an undisclosed European firm in a private transaction.
While the exact details are confidential Acuvax said that the total transaction will improve its cash position by over A$750,000 ($544,950) and result in a gain over book value of more than $410,000.
Brisbane-based Acuvax owns 43% of the North American rights of RP101, a pancreatic cancer drug originated by RESprotect, which holds the intellectual property rights for the rest of the world. The USA's SciClone continues to develop RP101 in North America.
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