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Hemogenyx update on Cornell payment

05 October 2017 09:10

Hemogenyx Pharmaceuticals has announced that Cornell University has elected to receive payment of the sum due to it on the change of control of Hemogenyx LLC half in new shares and half in cash.

Hemogenyx said the sum owing was $372,350 and arose under the exclusive licence agreement between Cornell and the LLC relating to the patents covering the method of isolation of post-natal hemogenic endothelial cells, invented by Dr Sandler, and as further described in the company's prospectus of 8 Sep.

In the prospectus, the company said it originally expected that Cornell would elect to have the entire sum paid to it in cash shortly following admission.

It said the half payable in shares amounted to 4,008,504 ordinary shares at £0.035 (the same price as the placing price).

Following admission these shares would represent 1.13% of the company's total share capital.

It said the $186,175 in cash was payable within 30 days.

At 9:10am: (LON:HEMO) share price was +2.63p at 2.63p

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