Tekcapital's stake in Belluscura reduced after Nanotether Discovery Science acquisition

Intellectual property services provider Tekcapital's stake in Belluscura has been reduced after Belluscura bought Nanotether Discovery Science for about £265,000.

The consideration was satisfied by the issue of new Belluscura shares which resulted in Tekcapital's take in Belluscura decreasing to about 61% from 65%.

Belluscura chief executive Bob Rauker said that the acquisition will further enhance its assets.

Nanotether, founded in 2012, owns intellectual property designed to accelerate the rate at which biomolecular interactions can be studied through biological assays for use in the pharmaceutical and biotechnology markets.

At 5 April, Nanotether had net assets worth about £281,000, including a cash balance of sum £204,000 and negligible liabilities. From 1 August 2016 to 5 April, it recorded an operating loss of about £5,000, reflecting the minimal level of operating activity in the company, which was wound down from the fourth quarter of 2015 to a "care and maintenance" basis.

For the year ended 31 July 2016 it recorded an operating loss of about £255,000 and no revenue.

Shares in Tekcapital were up 0.7% to 36p at 0937 BST.