T Cell Sciences Inc. said Thursday that it has sold a 16 percentequity position in its new subsidiary, T Cell Diagnostics Inc., for$4 million.
Common shares of T Cell Diagnostics were sold to a group ofprivate investors that included Yamanouchi Pharmaceutical Co.Ltd. T Cell Sciences, based in Cambridge, Mass., owns 84percent of the subsidiary, which has a $25 million valuation.
T Cell Sciences now has $25 million in cash, including the $4million private placement, $14 million raised in T Cell's recentsecondary offering and cash on hand.
T Cell Diagnostics was formed to assume T Cell Sciences'diagnostic business. T Cell's diagnostic products measure thelevel of soluble receptors in the bloodstream to monitor diseasetreatment or progression. T Cell has two kits on the market andis close to submitting a third pre-market approval applicationto the Food and Drug Administration for a product to monitorrenal transplants, said company spokeswoman Susan Primrose.
T Cell common stock (NASDAQ:TCEL) closed at $6, up 13 cents.
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