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news.Solos Endoscopy, a healthcare technology company, has signed an agreement with Lifeline Biotechnologies to sell the Ovascope and Mastascope product line to Lifeline for a combination of stock, assumption of debt and other consideration. Solos Endoscopy originally purchased the products from Lifeline Biotechnologies in 2007.
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Lifeline Biotechnologies has agreed to assume a convertible debt from Solos, which will result in less dilution for its shareholders. In addition, the sale of the Ovascope and Mastascope will allow Solos to use its resources to support its expanding core business.
Solos is currently in negotiations with Lifeline regarding distribution rights to these products once they are finally ready for the market. Solos will continue to focus its efforts in the area of women’s healthcare by concentrating on its Mammoview product line, which is currently sold to hospitals nationwide.
Bob Segersten, president of Solos Endoscopy, said: “Although we feel that there is great potential in the Mastascope and Ovascope technology, due to the current state of the economy, our resources will be better utilized in strengthening our current product lines to an expanding customer base.”