The company recorded a $3.4 million capital gain and could another $13 million in milestone payments.
Product development company Aran Research and Development (1982) Ltd. (TASE:ARAN) has sold the activities and assets of its spin-off ac Therapy. Aran R&D will record a capital gain of $3.4 million for its 55% stake in the spin-off and a further potential $13 million in milestone payments.
Aran gave no details of what product was involved but did say that it was in the cardiology sector.
In 2009 Aran reported setting up a spin-off, which at that time did not have any activities, and it is possible another company had ordered work from Aran for a percentage of the product being developed.
In the first half of 2010 Aran has revenue of NIS 33.7 million and a net loss of NIS 367,000.
The company's share price rose 0.57% on the TASE today to NIS 7.81.
Published by Globes, Israel business news - www.globes-online.com - on November 7, 2010
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