PASADENA, Calif., Oct. 7 /PRNewswire-FirstCall/ -- Arbios Systems, Inc. (OTC Bulletin Board: ABOS) today announced that it has sold all its rights and interest in its bioartificial liver system, HepatAssist, to HepaLife Technologies, Inc. (OTC Bulletin Board: HPLF), a Boston-based biotechnology company developing proprietary cell-based medical technologies to improve, protect and save lives, addressing prevalent human health concerns.
The terms of the deal included $450,000 in cash and a five year warrant to purchase 750,000 shares of HepaLife's common stock. Arbios has received $250,000 at the closing and will receive an additional $200,000 on the earlier to occur of; i) the date on which HepaLife, in the aggregate, raises $4 million of gross proceeds from debt or equity financings, or ii) the 18-month anniversary of the closing of this transaction.
"The cash proceeds received upon the closing of this transaction will be used to continue our efforts to obtain financing or a strategic partnership for SEPET, our liver assist device, and/or another transaction that will maximize value for our shareholders," commented Shawn Cain, Interim President and CEO. "We will be continuing our efforts by reaching out to potential additional interested parties, however, there can be no assurances that we will generate any offers, and if offers are obtained, that they will be deemed acceptable by the Company and its shareholders."
The Company has also entered into a three month consulting agreement with Shawn Cain, pursuant to which Mr. Cain will seek to identify and engage prospective purchasers, licensors and investors and negotiate the terms of any potential transactions.
About Arbios' SEPET(TM) Liver Assist Device
The SEPET(TM) Liver Assist Device is an extracorporeal (outside the
body) liver assist device for blood purification of patients suffering from
cirrhosis due to chronic liver disease and who are hospitalized with acute
|SOURCE Arbios Systems, Inc.|
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