Techniclone Sells 2 Buildings to Raise Capital

In an effort to create more capital, Techniclone Corp. said Monday it has sold two office buildings that housed its headquarters for $6.1 million, and has agreed to lease back the same space.

The Tustin developer of experimental cancer treatments sold the buildings for about twice the $3 million it paid for them, said spokesman Clint Cantwell, who said the company agreed not to disclose the buyer.

Techniclone received $4.2 million from the sale, and a note from the buyer for $1.9 million. After the mortgage and other expenses were settled, the company showed a net gain of $1.9 million cash.

In turn, Techniclone signed a 12-year lease that calls for paying $56,250 per month in rent, with a 3.3% increase every two years.

Cantwell said the additional capital would be channeled toward costly cancer therapies. Techniclone’s stock closed Monday at $1.13, up 9 cents a share.