Telios Pharmaceuticals Inc. (NASDAQ:TLIO) announced lateFriday that Norsk Hydro has decided not to exercise its right topurchase $7.5 million of Telios common stock. As a result,Telios has reacquired entire ownership of Telios Pharma GmbH(TPG), a German limited liability company formed for thepurpose of developing and marketing Telios products inEurope.
According to San Diego-based Telios, Norsk said its decision wasbased upon its view that the development of Telio-Derm forEurope would take longer and cost more than expected. Telio-Derm is a treatment designed to accelerate healing of severeand chronic dermal wounds.
Norsk also informed Telios that it would withdraw from its 55percent ownership of TPG and that it would assign itsownership interest to Telios.
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