Isolagen sells Swiss facility for $6.4M
Pennsylvania, USA-based Isolagen has announced the sale of its facility located in Switzerland for about $6.4 million net. $5.85 million of the sale amount was paid at the time of closing and the remaining proceeds are expected within the next six weeks, the firm noted.
"This is an important development for us at Isolagen. The cash raised from the sale of the facility will enable us to further pursue the implementation of our business plan for 2008," said company chairman Nicholas Teti.
"The resources generated from the sale of our Swiss facility will play a key role in the further advancement of our clinical development projects for the Isolagen Therapy," added Declan Daly, chief executive.
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