June 27, 2012 -- MEMSCAP (NYSE Euronext:MEMS), provider of micro electro mechanical system (MEMS) based technology, sold its 11.6% stake in INTUISKIN/ICOSMECEUTICALS.
The INTUISKIN/ICOSMECEUTICALS stake sold for net disposal proceeds of EUR 2.9 million in cash. The consolidated financial gain from this sale amounts to EUR 1.3 million.
This asset was not related to MEMSCAP’s core businesses. The MEMSCAP Group retains the ownership of the IOMA brand and certain related trademarks, which will yield royalty payments via an exclusive license agreement with INTUISKIN/ICOSMECEUTICALS. This license agreement includes a buy-out option on those assets, which can be executed by INTUISKIN/ICOSMECEUTICALS at any time, by the payment to MEMSCAP of EUR 3.5 million in cash.
MEMSCAP provides innovative micro-electro-mechanical systems (MEMS)-based solutions. MEMSCAP standard and custom products and solutions include components, component designs (IP), manufacturing and related services. The company's shares are traded on the Eurolist of NYSE Euronext Paris S.A (ISIN: FR0010298620-MEMS) and belong to the CAC small, CAC Mid & Small, CAC All-Tradable and CAC All-Share indexes. More information on the company's products and services can be obtained at www.memscap.com.