Advertise With UsAdvertise on our extensive network of industry websites and newsletters.
Get the PBR newsletterSign up to our free email to get all the latest PBR
news.Pyng Medical has entered into an agreement to acquire the trauma assets of California-based Bio Cybernetics International, including the Trauma Pelvic Orthotic Device, Mechanical Advantage Tourniquet and Cricothyrotomy device.
Subscribe to our email newsletter
The consideration paid by Pyng to complete the acquisition will consist of $2.4 million, due in part on closing and the balance on a contingent basis based on certain milestones. The acquisition agreement was negotiated at arm’s length.
Pyng has received the conditional acceptance of the TSX Venture Exchange of the acquisition, subject to the receipt of final documentation, and the acquisition is expected to close in June 2008.
In order to partially fund the acquisition, Pyng has entered into commitment letters in respect of a $1 million line of credit from Vancity Savings Credit Union as well as a $1 million operating loan from Vancity Capital. Pyng will grant to Vancity Capital share purchase warrants, the number and exercise price of which are to be determined at closing of the acquisition.
David Christie, president and CEO of Pyng Medical, said: These additional trauma products complement the commercialization of the company’s FAST1 lead clinical product, providing an immediate positive benefit to the company’s earnings while also solidifying Pyng Medical’s unique expertise in resuscitative care.