BresaGen, Cythera complete merger
Friday, 09 July, 2004
The merger between Bresagen's US subsidiary Bresagen Inc and San Diego stem cell company Cythera has been completed.
The Adelaide-based company's administrators said the merger was executed on 28 June 2004.
According to the merger agreement, which was announced last month, the merger of Bresagen and Cythera was to be accompanied by a US$5 million capital raising. Bresagen (ASX:BGN) will own about 30 per cent of the combined entity and have a seat on the board.
Bresagen and Cythera initially announced the deal in November last year, but in January the Australian company went in to voluntary administration after plans to spin out its Australian protein pharmaceuticals division derailed. The division has since been acquired by Queensland-based CBio in a restructuring deal.
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