Pyng Medical acquires trauma assets of Bio Cybernetics

As previously announced, the purchase price was $2.4 million, part paid on closing and part subject to achievement of certain milestones. In order to partially fund the acquisition, Pyng obtained a loan from Vancity Capital. As part of that financing, Pyng has issued 110,000 common share purchase warrants to Vancity Capital at an exercise price of $0.55. Each warrant is exercisable to purchase one common share of Pyng until the date the loan is repaid or no later than June 6, 2013.

Pyng has also appointed Julee Arbuckle as its new product specialist responsible for sales of Trauma Pelvic Orthotic Device and Mechanical Advantage Tourniquet and Royce Rumsey as vice president of business development for the commercialization of Cricothyrotomy Kit.

David Christie, president and CEO of Pyng Medical, said: “With these additional trauma products and enhanced international distribution network, we expect to significantly increase the company’s revenues and earnings by commercializing a suite of complementary products to common end-users in several large markets including hospitals, EMS and international military applications.”