News blog

Cyprotex

• BY: Andrew Hore |
• POSTED: 02/01/2014 |

Contract toxicity research services provider Cyprotex has acquired the business of CeeTox Inc from North American Science Associates Inc. 

Kalamazoo-based CeeTox provides in vitro toxicological assays and screening data and it will expand Cyprotex’s operations in the cosmetics and personal care sectors, as well as the core pharma and agrochemical markets. NAMSA retains a licence for CeeTox’s technology in the medical device testing sector.

The business will eventually be relocated to Cyprotex’s US base in Watertown Massachusetts. CeeTox generated revenues of £2.3m and an operating loss of £900,000 in the year to September 2013.

The initial payment for CeeTox is £630,000 with additional deferred consideration of 5% of specified net sales achieved in the next four years. The maximum revenue target over the period is £3.1m.

Net debt was just over £400,000 at the end of June 2013 but this was mainly finance leases on equipment. The initial cash payment comes from existing resources.

At 7.63p a share, Cyprotex is valued at £17.1m.

Download the latest AIM Journal from http://wwww.hubinvest.com/AIMPDFDecember2013_51.pdf