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pSivida sells subsidiary for $3.6m

PERTH-HEADQUARTERED bio-nanotech company, pSivida Ltd, has sold its subsidiary AION Diagnostics Inc to US-based private equity group GEM Global Yield Fund for around $3.6 million, following the company’s planned float on the Frankfurt Stock Exchange. pSivida said GEM had agreed to pay $US3 million, payable in two equal installments upon the completion of an initial public offering of AION’s stock on the Frankfurt Stock Exchange and $US1.5 million, payable no later than 12 months after the closing of the transaction, in exchange for pSivida’s entire holdings in AION. pSivida has provided an exclusive license for the non-electronic imaging diagnostic applications of BioSiliconTM technology to AION Diagnostics. pSivida will receive royalties from all commercialised products.

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