Uroplasty (NSDQ:UPI) and Vision-Sciences (NSDQ:VSCI) yesterday closed their merger as expected, in the process re-branding as Cogentix Medical (NSDQ:CGNT).
Shares of the new entity, which hit the market today, were down 8.0% to $1.61 from their $1.85-per-share open in mid-day activity.
The new company will focus primarily on diagnosing and treating urologic conditions. Cogentix’s debut follows approval of the merger by shareholders of both Uroplasty and Vision-Sciences March 30; the deal was 1st announced last December.
Uroplasty’s Minnetonka, Minn., home base will become Cogentix’s new U.S. headquarters, the company said, with Uroplasty CEO . Rob Kill at the helm.
Expectations are that Cogentix will produce about $50 million in revenue for the fiscal year beginning today. The combination will also save about $3 million, according to a press release.
Kill, in a statement, said "we remain highly confident in the future growth prospects of Cogentix Medical and look forward to working with the team members of the former Vision-Sciences to complete our integration plans and to release the significant synergies the merger is expected to create."
Cogentix’s products include endoscopy tools that rely on the EndoSheath sterile and disposable microbial barrier, and the Urgent PC neuromodulation system, which is FDA-cleared to treat overactive bladder.
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