Ixion Biotechnology Comes Out From Under Q-Med AB Umbrella
10/19/2005 5:09:30 PM
ALACHUA, Fla.--(BUSINESS WIRE)--July 11, 2005--Ixion Biotechnology, Inc. closed a transaction in which it transferred assets, liabilities and employees relating to its oxalate technology to a subsidiary of Q-Med AB (listed on the Stockholm stock exchange as QMED.ST), its former majority shareholder. In the split out, Ixion received almost all of Q-Med's Ixion stock, $344,000 in cash, and debt forgiveness of over $6 million. Ixion also has retained over $175,000 in NIH grant funds for research. The biotechnology company, which had been a subsidiary of Q-Med, has returned to independent status.
In the restructuring, Weaver Gaines, who was among Ixion's founders and had resigned as its Chairman in January 2005, has reassumed the title of President and CEO and rejoined the board. Kimberly Ramsey, formerly Ixion's vice president and comptroller, was elected vice president and chief financial officer. Jeff Opalko, the company's former lab manager, was rehired under his previous title. Fred Madec, PhD, a stem cell scientist, has been retained on the Ixion research staff, and Ammon B. Peck, PhD, was re-appointed as chief scientist.