Stemcell Technologies is buying an American biotech known for “game-changing” cell-squeeze technology that allows therapeutics to be introduced into cells by creating tiny, temporary holes in cell membranes.
Stemcell announced today that shareholders for Massachusetts-based SQZ Biotechnologies SQZ Biotechnologies Company (OTC:SQZB) have approved the sale.
Earlier, SQZ reported the proposed sale of its assets to Stemcell would be worth US$11.8 million ($16 million Canadian) – a price that was described as a “fire sale” by fiercebiotech.com.
SQZ ran into financial trouble last year, and was forced to lay off 80 per cent of its staff, after losing a major potential partnership agreement with pharmaceutical giant Roche, according to fiercebiotech.com.
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