04/10/2007 - 10:55

Advanced Ocular sells IP rights, plans re-listing

04/10/2007 - 10:55

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Nedlands-based ophthalmology product development company Advanced Ocular Systems Ltd has sold intellectual property related to Mineralocorticoids, a steroid hormone, to Australian eye care development company Eye Co Pty Ltd for $100,000.

Advanced Ocular sells IP rights, plans re-listing

Nedlands-based ophthalmology product development company Advanced Ocular Systems Ltd has sold intellectual property related to Mineralocorticoids, a steroid hormone, to Australian eye care development company Eye Co Pty Ltd for $100,000.

AOS, which last week sold the intellectual property rights to its Corneal Inlays project to a US company for around $1.1 million, remains in active discussions regarding the demerger of some of its core eye care investments into a new listed company.

The company plans to re-list on or around October 15.

 

The full text of an AOS announcement is pasted below

The board of Advanced Ocular Systems Limited is pleased to announce the sale of its Mineralocorticoids IP to an Australian eye care development company, Eye Co Pty Ltd.

The net proceeds to AOS from the sale were A$100,000 in cash.

The sale to Eye Co Pty Ltd of the Mineralocorticoids IP now leaves AOS with its core eye care investments being:

  • TA license to Alcon Manufacturing, Inc
  • Kellan IOL license to Lenstec, Inc (Tetraflex")
  • Share investment in Biovision AG
  • Kellan Omnifocal" IOL - development project

The Company is still in active discussions regarding the de-merger of some or all these assets into a new listed company.

Following the successful sale of the PAI LASIK / CLK portfolio to AcuFocus announced last week, completion of the rights issue for $1.0 million and the above sale, the directors are now preparing the company for re-listing on the ASX and expect to be in a position to achieve relisting on or about 15 October.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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