Urodynamix Technologies sells NIRS business to HEGLN (Dalian) Pharmaceuticals

On December 7, 2010, Vancouver-based Urodynamix Technologies Ltd. (TSX VENTURE:URO) announced that it had closed the transaction with HEGLN (Dalian) Pharmaceuticals Inc. of China for the sale of the majority of its assets. As part of the final negotiations for completing the transaction, Urodynamix entered into a license termination agreement with the University of British Columbia and an early termination agreement with the National Research Council of Canada. According to the asset purchase agreement with HEGLN made as of July 2, 2010, Urodynamix received a deposit representing 10% of the $2.1 million purchase price in September and a further 40% of the purchase price on closing. Urodynamix will receive 30% of the purchase price upon transfer of the physical assets and tooling, and the final 20% upon transfer of manufacturing know-how. The transfer of physical assets, tooling and manufacturing know-how is expected to be completed prior to year-end.Urodynamix was advised in this sale by Fasken Martineau with a team that included Roger Kuypers, Blair Horn and Caroline Clapham.