Biotechnology company Clinical Data Inc. said Tuesday it sold assets including a facility in Maryland to Intrexon for about $1.5 million in cash.
The assets sold include the company's Avalon Pharmaceuticals' facility in Germantown, Md. Clinical Data retains intellectual property rights on Avalon drug candidates.
Clinical Data estimates the annual cost-savings associated with this sale will be between $4 million and $5 million.
Intrexon will assume Avalon's remaining lease obligations for the facility and hire 11 employees located at the site to maintain continuity of operations.
Shares of Clinical Data fell 84 cents, or 5.3 percent, to $14.93 in afternoon trading. The stock has traded between $6.38 and $18.52 over the last 52 weeks.