MDS Inc. Announces Completion of Proteomics Reorganization
30 Juli 2004 - 12:31AM
PR Newswire (US)
MDS Inc. Announces Completion of Proteomics Reorganization MDS
Proteomics Renamed Protana Inc. TORONTO, July 29
/PRNewswire-FirstCall/ -- MDS Inc. (TSX: MDS, NYSE: MDZ) announced
that the financial reorganization of MDS Proteomics announced on
June 1, 2004 has been completed. The reorganized company, which has
been renamed Protana Inc., will focus on the provision of biomarker
identification, lead optimization and protein analysis services.
The key impacts of this reorganization on MDS Inc. include: - the
reduction of MDS's ownership in Protana to 48%, which is expected
to eliminate the future impact of Protana's operating results on
reported operating earnings for MDS Inc. - a total of $15 million,
which will be paid by MDS Inc. to gain access to tax assets and an
ongoing technology licensing agreement. On closing, Protana will
receive $10 million for the tax assets and the technology licensing
agreement. A final $5 million technology licensing payment will be
paid one year after closing. At MDS Inc., our more than 10,000
highly skilled people provide enabling products and services for
the development of drugs and the diagnosis and management of
disease. We focus on helping to discover new drugs, assisting
doctors to diagnose and treat patients and preventing the spread of
disease. Find out more about MDS Inc. at http://www.mdsintl.com/ or
by calling 1-888-MDS-7222, 24 hours a day. DATASOURCE: MDS Inc.
CONTACT: Investor Inquiries: Sharon Mathers, Vice-President,
Investor Relations, (416) 675-6777 ext. 2993; Media Inquiries:
Naomi Nemeth, Director, Global External Communications, (416)
213-4692
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