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Fluorotechnics Sells Gel Company for $150K; Seeks Buyers for Remaining Operations and Assets

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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.

On Sept. 16 the company announced that it would be writing down the value of various assets below that disclosed in its preliminary final report for 2010 due to the unlikelihood of raising additional capital. On Sept. 23 it announced it was "progressing with a number of parties" in the sale of various of its businesses, and that it would be unable to complete its financial accounts for the year ended June 30, which resulted in the Oct. 1 suspension of its shares on the Australian Securities Exchange.

A supplier of fluorescence and other protein detection technologies, Fluorotechnics last September raised A$1.23 million ($1.06 million) through a rights issue and a placement (PM 09/10/2009).

In January the company raised A$1.8 million through a one-for-five non-renounceable pro rata rights issue at A$.30 per share that it first announced in December 2009 (GWDN 12/17/2009). In May it raised an additional A$1.625 million through a two-for-five non-renounceable pro rata rights issue at A$0.15 per share.

In its preliminary final report for 2010, which it released on Aug. 31, Fluorotechnics posted revenues of A$3.5 million for the year ended June 30 compared to A$3.2 million the previous year, and a net loss of A$4.5 million compared to A$5.6 million the year before. It reported holding cash and cash equivalents of A$899,639.

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