Paladin sells ISA sharesILJIN Life Science Acquires Additional Shares of Isotechnika
Posted by on March 16, 2011
ILJIN Life Science Co., Ltd. disclosed today that on Jnaury 31, 2011, it acquired ownership of, and control and direction over, 11,500,000 common shares of Isotechnika Pharma Inc. (TSX: ISA), representing 6.6% of the issued and outstanding common shares, through the facilities of the Toronto Stock Exchange (TSX).
As a result, ILJIN Life Science now has ownership of, and control and direction over, 24,000,000 common shares, representing 13.83% of the issued and outstanding common shares.
On November 16, 2010, Isotechnika entered into a Development, Distribution and License (DDL) agreement with ILJIN Life Science. Under the DDL agreement, ILJIN will fund Isotechnika to perform a single phase three clinical trial in kidney transplantation through a combination of a licensing fee of US $5 million and the purchase 90,700,000 common shares of Isotechnika in three tranches.
Paladin Labs Inc (TSX: PLB) holds the patents and patent applications relating to voclosporin, third party manufacturing and supply contracts, the right to develop voclosporin in Canada, South Africa, Israel, Mexico, South and Central America and Paladin holds the right to supply Isotechnika with its required bulk voclosporin. As part of the proposed transaction with ILJIN, Paladin agreed to amend those agreements and in addition Paladin sold ILJIN 12,500,000 common shares of Isotechnika at a price of
.25 per share.