- Q-Med Makes Final Payment to Ixion Biotechnology
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 ALACHUA, FL.--July 30, 2001---Ixion Biotechnology, Inc., ("Ixion") announced today that it had received the final installment due from Qvestor, LLC, a U.S. subsidiary of Q-Med AB (publ), has made its final payment toward in connection with a July 2000 agreement to purchase an aggregate total of 3,900,000 shares 59.57% of Ixion's Biotechnology Inc.'s outstanding common stock. The payment made earlier this month was $3,353,303, or approximately half of the for a total payment of $67,675800,000.
- Kimberly A. Ramsey, Ixion's Vice President and Controller, explained that the Q-Med payment increases Ixion's book value per share, on an undiluted basis, from $0.09 per share before the Q-Med funds were received to $0.58 per share immediately following receipt of the funds.
- No additional shares were issued. Q-Med's ownership remains unchanged at 56% of Ixion's outstanding stock.
- In April 1999, Q-Med had purchased 562,500 Ixion shares at a cash price of $2.00 per share. Under that agreement, Q-Med had an option to acquire up to 50% of Ixion's common stock on a fully diluted basis. The company voted to exercise that option to buy additional shares at $2 per share in June 2000. The Ixion Board of Directors approved the transaction on July 14, 2000 and half of the purchase sum was paid at the closing later the same day. Q-Med agreed to pay the remainder no later than 12 months after its initial payment, which it did.
- Q-Med is a rapidly growing and profitable biotechnology and medical device company that develops, produces and markets medical implants. All products are based on Q-Med's patented technology for the production of NASHA - Non-Animal Stabilized Hyaluronic Acid. Q-Med's operations focus on four areas, Esthetics, Orthopedics, Uro-Gynecology, and Cell Therapy and Encapsulation. Q-Med AB is a biotechnology and medical device company based in Uppsala, Sweden (Q-Med is not affiliated in any way with Q-Med, Inc., a NASDAQ-listed US company).
- Ixion specializes in the treatment of metabolic disorders, includingdiscovering, developing and marketing products to diagnose, treat, and prevent a stem cell treatment for diabetes and a treatment for oxalate-related diseases, such as kidney stones. Ixion, the only company in the world working with the non-pathogenic oxalate degrading bacterium, O. formigenes, holds worldwide exclusive licenses to patents and pending patents for treatments of diabetes and oxalate-related disorders. Since 1995, Ixion has dedicated one of its two core drug development programs to treatments for oxalate-related conditions, including kidney stones, enteric hyperoxaluria, primary hyperoxaluria, cystic fibrosis, Crohn's disease, and vulvodynia. Ixion's other development program is a stem cell approach to treat insulin-dependent diabetes. The biotech company has demonstrated the feasibility of using adult, somatic stem cells to produce new pancreatic stem cell preparations for the treatment of diabetes.
- For more information about Ixion's current activities and recent news releases, visit Ixion's Web site at www.ixion-biotech.com or call 386-418-1428.
- This news release discusses historical information and includes forward-looking statements that involve a number of risks and uncertainties, such as risks associated with pre-clinical and clinical development in the biotechnology industry, determinations by regulatory and administrative governmental authorities, competitive factors, technological developments and costs of developing, producing and selling products.
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Ixion Biotechnology, Inc.
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Selected Balance Sheet Data
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June 30, 2001 Pro Forma
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(Unaudited)
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Assets
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| Cash and cash equivalents |
$1,047,976 |
$4,401,279 |
| Total Assets |
$1,877,621 |
$5,230,924 |
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Liabilities and Stockholders' Equity
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| Common Stock, $0.01 par value; authorized |
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| issued and outstanding, 6,861,991 |
68,620 |
68,620 |
| Total liabilities and stockholders' equity |
$1,877,621 |
$5,230,924 |
| Book value per share, undiluted |
$ 0.09 |
$ 0.58 |
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- Kimberly A. Ramsey
Ixion Biotechnology, Inc.
386-418-1428 (voice)
386-418-1583 (fax)
Lisette Hilton
561-392-5649 (voice)
561-392-7496 (fax)
Info@ixion-biotech.com
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