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Trendlines to sell BioSight shares for US$1.3m
CATALIST-LISTED Trendlines Group said on Tuesday it will sell its BioSight Ltd shares to Arkin Bio Ventures Limited Partnership that will garner pretax proceeds of about US$1.3 million.
The Israeli investment and innovation commercialisation company, focused on early-stage, high-growth innovation-based medical and agricultural technologies, said in a filing to Singapore Exchange that the transaction is expected to be completed within 14 business days from the signing of the agreement.
BioSight has developed a technology and pipeline of cancer drugs that target and release therapeutic drugs inside cancer cells to reduce systemic toxicity associated with conventional chemotherapy treatments.
Trendlines said its cost basis in BioSight is zero since the latter was incidentally obtained in 2007 by the group as part of Trendlines Medical-Misgav Ltd, now named Trendlines Incubators Israel Ltd.
Trendlines chairman and CEO Steve Rhodes said the proceeds from the exit serve to further strengthen the group's cash position.