Texas-based Wound Management Technologies entered into a merger agreement with Brookhaven Medical, a closed-doors deal tied to a series of loans proffered by Brookhaven. You can learn a lot about loans, click here to read more about automotive loans and how you or your business can get any type of vehicle loans.
Regulatory filings show that Brookhaven this month gave WMT a $1 million loan under a senior secured convertible promissory note, alongside which Brookhaven entered into a letter of intent “contemplating” another loan of up to $2 million and launching a merger between the companies.
The proceeds of the loans will go toward paying off most of WMT’s existing debts, according to the SEC filing.
The companies didn’t disclose any further details of the merger, but Brookhaven pointed out that it has recently put more stake in dialysis technologies, having recently signed an agreement in principal to acquire an unnamed medtech company “specializing in dialysis access and peripheral vascular applications,” according to a press release. Brookhaven also made strategic investments in CreatiVasc Medical, a South Carolina startup developing hemoaccess valve systems for dialysis grafts.
“The global market segments we serve represent a market opportunity in excess of $50 billion,” Brookhaven chairman & CEO John Feltman said in prepared remarks. “It is our firm belief that Wound Management and our other planned acquisitions help position Brookhaven to capture a significant share of product sales in those targeted market segments.”
WMT has been looking good lately, having this year closed the books on a nearly $125,000 delinquent tax bill and signed a 5-year distribution deal with with Academy Medical to offer its CellerateRX line of advanced wound-care products to the U.S. Veterans Affairs Dept.
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