NEW YORK, Feb. 10, (GenomeWeb News) - Xcyte Therapies announced today that it will hold a March shareholder meeting to approve its T cell technology sale to Invitrogen.
Shareholders will also be asked to approve the company's proposed acquisition of privately held, UK-based Cyclacel Limited.
Xcyte said that if the proposals, along with provisions for a new equity incentive plan and a reverse stock split of Xcyte's common stock, are approved, it anticipates that the purchase of Cyclacel and the asset sale to Invitrogen will close before March 31.
As GenomeWeb News reported in December, Invitrogen plans to buy Xcyte's T-cell expansion technology for $5 million in cash.
Xcyte also announced that on Feb. 7 the Nasdaq Listing Qualifications Panel granted Xcyte's request for continued listing, subject to certain conditions, including the announcement of the consummation of the acquisition of Cyclacel Limited and Nasdaq's approval of a new listing application by Xcyte pursuant to Nasdaq's "reverse merger" rules on or before April 12.