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NeuroSearch A/S Sells Land and Building; Company Maintains FY 2013 Earnings Guidance


Monday, 6 May 2013 05:31am EDT 

NeuroSearch A/S announced that it signed an agreement with PKA regarding the sale of the Company's land and building effective from June 1, 2013 at a cash price of DKK 112.5 million. The agreement is final and unconditional. The Company may stay in the building until the end of 2013. The building, which was designed by Henning Larsen Architects, was built in 1999 and comprises both laboratory and office facilities. The building has a total space of 106,000 square feet and is situated on 350,000 square feet land. At the end of the first quarter of 2013, mortgage debts totaled DKK 101 million and the carrying value of land and building was DKK 111 million. The Company will pay off the remaining mortgage debts with revenues from the sale. Net proceeds, with deduction for related sales cost, will amount to approximately DKK 10 million. For fiscal year 2013, the Company still expects an operating loss of approximately DKK 15 million. The above expectations do not take into account any loss or profit arising out of a potential sale of the remaining NeuroSearch assets. 

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