Canadian venture group Tilting Capital said last week that it’s planning a reverse merger with Golden, Colo.-based ophthalmic imaging device developer ArcScan.
Tilting Capital said it agreed to put up about $7.2 million (Cdn $9.2 million) worth of its own stock, or 61.4 million shares, valued at 12¢ (Cdn 15¢) apiece, in a 1-for-1 trade with ArcScan stockowners.
The merged companies are slated to complete a $3 million equity financing round upon the closing of the merger, Tilting Capital said, with the proceeds earmarked for accelerating ArcScan’s business plan and targeting new markets.
ArcScan’s flagship device is the Insight 100 ultrasonic arc scanner, which is designed to perform in-depth eye exams for anterior segment diagnosis and surgery using high-frequency digital ultrasound, Tilting Capital said.
Submission for FDA and CE Mark approval is slated for late 2015 or early 2016, the company said.
The merger is scheduled for a vote by Tilting’s shareholders at its annual meeting July 24, the company said.