+++++++++++++++++++++++++ BioProspect Limited ('BioProspect') is pleased to announce that it has signed a Letter of Intent to acquire from Southern Cross University ('SCU') the 49% held by it in Australian Phytochemicals Limited ('APL').
The equity held by SCU in APL will be acquired for the issue of three million new ordinary shares in BioProspect.
The philosophy driving this acquisition relates to the current status of Qcide and its rapid movement towards commerciality.
APL holds 7.5% of the intellectual property in terms of net cash inflows from sales of Qcide. The acquisition provides now for BioProspect to have the equity to control all of the intellectual property and, as consequence of that, the cash flow which would be derived from the income stream which would have otherwise been attributable to APL thereby providing for a more streamlined profile for proposed international partners.
In order to provide a smooth transition of scientific services for BioProspect, SCU will provide research and extract services from its existing Centre for Phytochemistry. This will provide continuity in respect of key members of staff, equipment and facilities.
RESIGNATION OF PETER WATERMAN
Professor Peter Waterman has resigned from the Board of BioProspect following his retirement from his position with SCU. However, he will continue as Scientific Adviser responsible for new science projects and continued research into projects such as the further development of Qcide and other new exciting discoveries. The Board of BioProspect is delighted that Professor Waterman has decided to continue his relationship which will enable him to focus on driving the Company's scientific processes.
COST SAVINGS
As a result of the foregoing initiatives BioProspect will enjoy annual cost savings in excess of $500,000 per annum.
The above arrangements are subject to the finalisation of documentation and will be effective from 1 August 2002.
S&P/ASX indices Share prices Recent company announcements Past company announcements Dividends Most traded stocks Trading volumes Historical data Company information Listed companies Charting Delisted companies Name & code changes ISIN codes Recent company announcements Past company announcements Equities (shares) Options Warrants Futures Interest Rate Securities ETFs Investing in overseas markets How the sharemarket works How the options market works ASX settlement & the role of CHESS Choosing a stockbroker Company Profile ASX announcements Speeches & presentations ASX share price ASX Dividends Check your ASX shareholding Financial results Publications Corporate Calendar FAQs - Shareholder Contact Us / ASX Share Registry Trading volumes Upcoming floats Recent floats Learn about shares Learn about options Learn about warrants Learn about futures Learn about interest rate securities Learn about ETFs Choosing a stockbroker ASX Investor Day ASX Investor Hour ASX games Calculators & tools ASX Information Source Guide ASX / Dymocks Bookshop Tax and Stamp Duty Company Profile Information for companies Information for participants Supervision ASX Media National Guarantee Fund Publications FAQs - About ASX FAQs - About this site Careers at ASX History of the market Trading Calendar Contact us Shares Options Warrants Futures Interest Rate Securities ETFs Investing in overseas markets Choosing a stockbroker
