The acquired Medivices technology involves designing, marketing and manufacturing new innovative medical devices using nanomedicine and Micro-ElectroMechanical Systems.
The acquisition includes all patent and proprietary rights and property related to the technology. In consideration for the acquisition, Pro-Tect has issued 2.5 million shares of its common stock. As a result of the acquisition, Pro-Tect intends to oversee the development and manufacturing of the Medivices products and to facilitate the marketing and distribution of the products.
Nanomedicine is the medical use of molecular-sized particles to deliver drugs, heat, light or other substances to specific cells in the human body. Micro-ElectroMechanical Systems allow both electronic circuits and mechanical devices to be manufactured on a silicon chip, similar to the process used for integrated circuits. This allows the construction of items using sensor chips with built-in electronics that are a fraction of the size that was previously possible, the company said.