Drug Delivery Research Company, pSivida, Sells Food Industry Biosilicon Company, pSiNutria, to Intrinsiq
Published on January 21, 2008 at 3:21 PM
Limited and Intrinsiq Materials Cayman Limited today
announced that the assets of SiNutria Limited, a wholly owned
subsidiary of pSivida, have been sold to Intrinsiq, a UK based venture
capital company funded by QinetiQ (pSivida’s second largest
and founding shareholder) and headed by a former pSivida Non-executive
Director, Mr Stephen Lake.
- pSiNutria was established in December 2005 to develop
applications of the Company’s BioSiliconTM technology for the
- Intrinsiq is obligated to make a series of payments
totaling US$1.23m in the first year following this closing of this
- Intrinsiq is obligated to pay royalties with minimum
royalty payments of US$3.95m over approximately the next 6 years, $500k
of which would be payable 18 months after the closing.
- pSivida retains all rights outside the food science arena.
- Follows the sale last year of wholly owned subsidiary, AION
- Increased focus on core business – drug delivery