Immunodiagnostic Systems, the Newcastle based niche Diagnostics Company, updated investors regarding the deferred consideration from the sale of their haematology business to NASDAQ listed Escalon Medical Corporation (EMC) in January 2009.
IDS announced it has agreed to change terms of the repayment schedule from the original agreement (€4.2 million over four years), refinancing outstanding balance of €3.4 million to be payable over the next 5 years with a $50,000 combined capital and interest payment each month with a final balloon payment. Interest will continue to accrue at 7% per annum on the capital balance.
IDS sold Biocode Hycel's haematology business to EMC in January 2009 to allow the group to focus on its main activities of manual immunoassay production and the launch of the automated analyser, the IDS iSYS.
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