This story originally ran on Oct. 7.

Australian biotech firm Fluorotechnics announced this week that it has sold its US subsidiary Gel Company for a cash consideration of $150,000.

In a statement, the company cited "disappointing revenues … due to the global financial crisis," as the reason for the sale and added that it "is continuing to review other opportunities for the orderly sale of the remaining operations and assets."

No buyer was named in the statement, and calls to Fluorotechnics for comment were not returned by press time.

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