ST. LOUIS -- Continuing the sale of its assets and nearingliquidation, Invitron Corp. has entered into a new letter ofagreement with Schroder Venture Advisers Inc. of New Yorkregarding the sale of three compounds in pre-clinicaldevelopment and Invitron's Redwood City, Calif., facility.
The agreement will result in the formation of a new company,Incyte Pharmaceuticals Inc. Schroder will pay an unspecifiedamount for the technology and the facility. Invitron willreceive cash, not the minority interest in Incyte that it was tohave obtained under the original agreement. Certain conditionsmust be satisfied before the transaction can close.
In December, Invitron sold the bulk of its assets, comprising itsmammalian cell culture manufacturing facility in St. Louis, toCentocor Inc. In January, Invitron's board of directorsrecommended the liquidation of the remainder of the company.
Invitron shareholders will vote on the sale and liquidation at aspecial stockholders' meeting scheduled for May 28.
The company also reported a net loss of $14.5 million, or 93cents a share, on revenues of $5.2 million for 1990 comparedwith a loss of $16.5 million, or $1.07 a share, on revenues of$11.5 million the previous year. Invitron had a net loss of $1.2million, or 8 cents a share, on revenues of $1.9 million for thefourth quarter compared with last year's loss of $6 million, or39 cents a share, on revenues of $1.6 million.
Invitron estimated that a net loss of $10.2 million will beincurred in connection with the liquidation. Net assetsremaining for distribution to shareholders will be about $3.5million. At that time, Invitron will have 6.5 million shares ofcommon stock (NASDAQ:INVN) outstanding. The stock closedunchanged at 38 cents on Friday. -- Karen Bernstein
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