Eiffel gains control of R&D arm
Monday, 29 July, 2002
Eiffel Technologies (ASX: EIF) has gained full control of its research and development arm in a move that will ensure all future revenue streams flow directly to the drug reformulation company.
The announcement that Eiffel had taken over the 25 per cent shareholding of joint Eiffel Research and Development (ERD) shareholder Phytotherapy Technology, came as the company unveiled a Pharmaceutical Re-Engineering Research Facility at the University of NSW (UNSW).
The $3 million facility is jointly funded by Eiffel and UNSW and will work on the development of the company's Supercritical Fluid platform technology to reformulate drugs for new delivery methods and improved absorption.
Eiffel said that its commercial agreement to take 100 per cent control of ERD would see joint owners of Phytotherapy Technology Prof Neil Foster and Hubert Regtop become full-time Eiffel executives.
Chairman Thomas Hartigan said that, to date, ERD had undertaken R&D of the Supercritical Fluid technology.
"The acquisition by Eiffel of the 25 per cent shareholding in ERD from PT is a very positive development for Eiffel as it will create a more transparent corporate structure, where 100 per cent of all future revenue streams will flow through to Eiffel," Hartigan said.
"The addition of Prof Foster, who is recognised as one of the world's leading experts in SCF technology, and Mr Hubert Regtop, as full time executives to Eiffel will not only strengthen the management team of the company but will accelerate Eiffel's research and development activity currently being undertaken by Prof Neil Foster's research team."
He said commercial terms for the acquisition of the remaining 25 per cent shareholding in ERD remained subject to the completion of formal legal documentation.
It would also be subject to Eiffel shareholder approval at the annual general meeting scheduled for October 2002.
Investors appeared to support the changes, with the stock gaining almost 9.7 per cent, to trade at 17 cents at the time of writing today.
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