Brisbane-based biotechnology company, Agenix (AGX) has received the final instalment of the $10 million sale of its animal health business, AGEN Animal Health.
Agenix said on Monday it had received the final $1 million from IDEXX Laboratories, Inc of the United States, after receiving progressive payments following the signing of the deal in April 2006.
IDEXX paid the sum in consideration for the assignment of the patents and other intangible assets of its AGEN Animal Health business and the granting to IDEXX of an exclusive distributorship for AGEN's animal health diagnostic products.
"Agenix has today announced that the remaining $1.0 millio has now been received, resulting from completion of final operational business transfer milestones," the company said.
The biotech company has recently appointed a new chief executive officer, Singapore-based Stephen Phua.
Agenix plans to sell hepatitis drugs in China and develop a blood clot detector.
Shares in AGX rose 6.25% or 1 cent to 17 cents at 11:53AM AEST.
