In brief: Biotech Capital sells Xenome; C3 shares suspended

Biotech Capital (ASX:BTC) announced late yesterday that it had reached agreement to sell its entire stake in investee company Xenome to Queensland Investment Corporation.

Although price and terms were not disclosed, Biotech Capital said proceeds would exceed AUD $3.5 million, and would generate a profit for the company.

Cytopia, which announced yesterday it would dispose of its stake in Xenome, today clarified that the disposal would generate a gain on investment of between $0.70 million to $0.80 million.

C3 suspends trading

Following the expiry of a trading halt, shares in Clinical Cell Culture (C3, ASX: CCE) have now been suspended from trading on the Australian Stock Exchange.

ASIC has informed C3 that in its view the manner in which C3 brought the financial year end of the listed entity into alignment with its subsidiary companies was ineffective.

At C3's annual meeting in May 2003, C3 shareholders voted in favour of a resolution to bring the listed entity's balance date into alignment with the 30 June financial year end of its subsidiaries.

However, ASIC has informed C3 that the listed entity's financial year end remains 31 December.

C3 has sought legal advice on these issues, and is also in discussions with ASIC in relation to the date of C3's financial year end.