As part of its plan to drop pharmaceutical development work, Forbes Medi-Tech struck a deal to sell its pharmaceutical assets and San Diego facility to Transition Therapeutics for $1 million down and up to $6 million in milestones. Forbes Medi-Tech says it plans to focus on its core nutraceutical work. Forbes Medi-Tech got these assets from Therapei Pharmaceuticals in an acquisition deal back in 2006.

"As highlighted in a recent news release, this initiative will reduce the company's burn rate while allowing Forbes to clearly focus on further developing its nutraceutical business--through both organic growth and M&A initiatives within the functional food and dietary supplement markets," said Charles Butt, President and CEO of Forbes Medi-Tech.

- read the press release

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