Glyko Biomedical Ltd. and Millipore Corp. ended a sales anddistribution agreement between the companies that was signed in 1990,when Glyko of Novato, Calif., was formed.Millipore gave up all its marketing and manufacturing rights to Glykoproducts, and waived its option to buy Glyko's analytical business. Inreturn, Glyko will issue 500,000 shares (valued at about $1 per share),subject to a lock-up provision, to Millipore, John Hamilton, Glyko'svice president and chief financial officer, told BioWorld.Millipore, which is the largest shareholder in Glyko with a 29 percentstake, provided $2 million to help fund Glyko's start-up, and got theworldwide marketing rights in return."With Millipore having decided last November to exit the biosciencebusiness, this is a logical move for both of us," said John Klock,Glyko's president and CEO. "Glyko's shareholders will be the fullbeneficiaries of any successes we achieve, without the concern that wemay be compelled to sell off an important part of the company."Glyko develops and manufactures carbohydrate instruments andreagent systems for research and diagnosis. It products are based on thepatented Fluorophore-Assisted Carbohydrate Electrophoresistechnology. _ Jim Shrine

(c) 1997 American Health Consultants. All rights reserved.