Closing an agreement that’s been in the works since January, SyntheMed, Inc. (OTC:SYMD), a biomaterials company, changed its name to Pathfinder Cell Therapy, after merging with the biotechnology company.
Richard Franklin, who was President & CEO of Pathfinder, will keep his corner office and Joerg Gruber, a former director of SyntheMed will serve as chairman of the board for the newly created company.
The newly formed company’s stock will trade under SyntheMed’s SYMD ticker on the OTC Bulletin Board, but will change to a new symbol shortly.
"Pathfinder’s transition into a publicly traded company provides a vehicle for accelerated growth, and the additional capital raised as part of this merger will allow us to further the development of our proprietary pathfinder cells, or PCs, which we believe could significantly impact regenerative medicine," President & CEO Franklin said in a prepared statement.
Pathfinder is a biotechnology company focused on the treatment of diseases characterized by organ-specific cell damage and the combined company will operate out of Pathfinder’s home base in Cambridge, Mass.
Announced along with the merger, Pathfinder Cell Therapy announced the closing of the first stage of a $6 million private placement.
The terms of the merger were not made public.
Here’s a roundup of companies announcing mergers, acquisitions and divestitures.
- SurgLine becomes a subsidiary of China Nuvo
China Nuvo Solar Energy, Inc. (PINK: CNUV) acquired 100 percent of the common stock of SurgLine, a company that produces medical and surgical products sold to hospitals and surgery centers. The terms of the acquisition were not made public.
- Biogen Idec acquires Biogen Dompé joint ventures
Biotech veteran Biogen Idec (NASDAQ:BIIB) acquired 100 percent of Biogen Dompé shares in its joint ventures in Italy and Switzerland. This move gives Biogen Idec direct commercial presence in 29 countries. The terms of the merger were not made public.
- IntrinsiQ becomes a part of ION Solutions
The AmerisourceBergen Corporation (NYSE:ABC) completed the acquisition of IntrinsiQ for $35 million in cash, a company providing informatics solutions to community oncologists. IntrinsiQ becomes part of ION solutions, a unit of AmerisourceBergen Specialty Group.
- vRad acquires Diagnostic Imaging Inc
Virtual Radiologic, a national radiology practice, acquired Pennsylvania and New Jersey-based radiology practice Diagnostic Imaging Inc. The terms of the acquisition were not made public.
- PerkinElmer to pay $600 million for Caliper Life Sciences
PerkinElmer plans to acquire fellow Massachusetts-based firm Caliper Life Sciences for $600 million in cash. PerkinElmer said they will pay cash for the diagnostics imaging company and expect the deal to close before the end of the fourth quarter.
- Biox and MET join the Vasomedical team
Vasomedical Global purchased all outstanding shares of Fast Growth Enterprises, the British Virgin Islands-based company that owns Life Enhancement Technology (LET) and Biox Instruments.