Octillion to spin out biotech unit

Vancouver-based Octillion (Pink Sheets: OCTL) said today it will spin out its MicroChannel Technologies subsidiary to focus Octillion on solar development.

Octillion plans to spin out the unit, which researches periphery and optic nerve regeneration technologies, to shareholders of record on August 22, subject to applicable securities and regulatory requirements.

Octillion is developing a transparent glass window capable of generating electricity (see Octillion claims solar glass progress).

"As fully functioning, stand-alone corporations owned by our shareholders, both Octillion and MicroChannel will benefit from dedicated management teams focused solely on their dedicated operations and technologies," said Octillion president and CEO Harmel Rayat.

Rayat said that Kaiyo Nedd, a director at Octillion, will serve as president and CEO of MicroChannel.

In June, the solar company said it had a mechanically stable, see-through developmental prototype.

Octillion is working on technology to adapt existing home and office glass windows into ones capable of generating electricity.

The company said that by spraying thin films of silicon nanoparticles onto silicon substrates, ultraviolet light is absorbed and converted into electrical current.

Octillion, which raised $2.2 million from a private placement in April, said its research and development work is being conducted at fully equipped research facilities at the University of Illinois in Urbana-Champaign as part of sponsored research agreement with the school.

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