Life Therapeutics to spin out Life Gels division into new company

By Angela McDaniels

Seattle, March 24 - Life Therapeutics said it will consolidate its Life Gels division and the laboratory Gradiflow component of its Life Manufacturing division into a separately listed public company.

"The board has evaluated the overall fit of the gels division and the laboratory Gradiflow with our goal of becoming a manufacturer of niche therapeutics and decided that they are not currently aligned with the goals and aspirations of the company," chairman of the board Jim Brown said in a company news release.

"The company considered several options and decided the most valuable return to our shareholders is to consolidate these divisions into a separately listed company where all current shareholders would receive a pro rata shareholding.

The new company will also include the Sperm Sorter application of the Gradiflow technology, but Life Therapeutics will retain all of the large-scale Gradiflow technology for future manufacturing projects.

Gradiflow is a patented process that purifies proteins and removes viral pathogens and infectious prion proteins, according to the release.

"Once this spinout is completed, Life Therapeutics will have minimal Australian operations and this will save the company over A$700,000 annually," managing director and chief executive officer Hari Nair said in the release.

Life Therapeutics is based in Atlanta and had four divisions: Life Gels produces pre-cast gels for use in biological research, Life Sera collects specialty plasma, Life Diagnostics develops diagnostic tests for blood-clotting disorders and Life Manufacturing uses Life Therapeutics' Gradiflow technology to produce the group's products.

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