San Antonio, Texas-based CytoBioscience develops and produces devices used in human cell research and drug development, Skyline Medical said, and has collaborative partnerships with pharmaceutical companies and academic institutions.
Eagan, Minn-based Skyline Medical said that CytoBioscience currently has a backlog of $6 million in orders and anticipated contract research, and that the company’s connections and relationships with hospitals and government entities will open up new markets for its Streamway fluid disposal system.
“This is a great opportunity for both companies. The CytoBioscience group has a deep pipeline of projects and contracts underway and, assuming we complete the transaction, we look forward to using their forward motion as a springboard for our combined company to gain further traction in the marketplace,” Skyline CEO Dr. Carl Schwartz said in a prepared statement.
The merger plan calls for the companies to meet in an initial planning session to lay out a combined operating and business strategy for the next 6 months. The companies said the merger is slated to close on September 30.
“I look forward to leading our teams, speaking on their behalf, and working to create an increasingly viable and growing corporate enterprise as well as adding to our presence in San Antonio as we grow our relationship with the Skyline team in Eagan, Minnesota. This is really a situation where 1 plus 1 equals 3 — and that is wonderful for all of us,” CytoBioscience CEO Dr. James Garvin said in a press release.
In February, Skyline Medical said it was once again in full compliance with the NASDAQ and will continue to be listed on the exchange after initiating a reverse split of its stock.