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Chromos sells ACE System technology to Glaxo Group

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Chromos Molecular Systems

On November 14, 2007, Chromos Molecular Systems Inc. announced that it had completed the sale of its ACE System technology to Glaxo Group Limited. A portion of the proceeds from this sale transaction was used to fund the $1.1 million required to be paid under the terms of the creditor proposal announced in the Company's August 28, 2007 press release. The remaining proceeds provide additional working capital to fund ongoing operations. Chromos was advised by a team from Fasken Martineau comprised of Iain Mant, Roger Kuypers, Marcel Peerson and David Ford.



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