| UPDATE | 02.03 |
| BUSINESS ACQUISITIONS |
A.P. Pharma sells unit for $2.1M Redwood City based A.P. Pharma (Nasdaq: APPA) sold its analytical standards division to GFS Chemicals for $2.1 million in cash. A.P. Pharma also will receive a royalty on sales ranging from 5 to 15 percent through 2007. The analytical standards division of the company uses microsphere technology as a testing standard for gauging the purity of municipal drinking water. According to CEO Michael O'Connell, the division generates about $1 million in revenue every year and was no longer considered part of the company's strategic focus. GFS Chemicals is based in Columbus, Ohio. |
| LITERATURE REF. | San Francisco Business Times 14.02.03 |
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