STOCKHOLM, Sweden, Sept. 30, 2003 (PRIMEZONE) -- Artimplant (Other OTC:APLTF) has entered a contractual agreement to divest the Gothenburg Medical Center (GMC) to a group of private individuals.
The cash consideration amounts to MSEK 11 million and is due October 8, 2003, when the new owners will assume possession of the clinic. The sale does not include liquid assets. Furthermore the contract contains customary terms and conditions.
"The sale of GMC was part of the plan to strengthen Artimplant's financial situation that was presented in connection with the recent share issues in December 2002 and March 2003. We are satisfied that Artimplant now can turn this asset into more, and that the clinic is acquired by experienced and competent new owners," says Tord Lendau, CEO of Artimplant.
ARTIMPLANT
Artimplant is a biomaterial company that focuses on orthopedic surgery solutions. The company runs R&D operations for biodegradable implants and develops manufacturing processes for the implants. Its goal is to enable active lives. Artimplant's biomaterial is based on a new technology that's opening new markets within orthopedic surgery and closely related areas that have extensive med-tech needs.
Artimplant developed and patented several different degradable ligament implants that are now in clinical trials. The company's business concept is to license products and technologies to global partners.
The Artimplant share is listed on the Stockholm stock exchange's O list.
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