Braveheart nets £400,000 from sale of Biopta stake
Japanese group Reprocell, a specialist in the development of stem cell technologies, is paying about £5.2 million in cash and shares for Biopta, a spin-out from Glasgow Caledonian University.
Braveheart – along with three other major Biopta shareholders – will be paid their entitlement in Reprocell shares. The Perth-based investor said it stands to receive a payment worth £406,479, compared with the £395,889 that its stake in Biopta was valued at in its accounts at the end of September.
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Hide AdThe deal is expected to complete early next month, and neither Braveheart nor the other Biopta shareholders receiving Reprocell shares is locked in.
Braveheart said: “The proceeds of the sale of the Reprocell shares, as and when received, less a modest retention, will increase the company’s cash reserves and will be used for general working capital.”
Biopta, which employs 18 people and is led by chief executive and co-founder David Bunton, uses human tissue in pre-clinical studies for major pharmaceutical companies in Europe, Japan and North America. Other investors in the firm, founded in 2002, included Tri Cap and Scottish Enterprise’s Scottish Co-investment Fund. Accounts show the company had net assets of £236,582 as at 31 March.