Wound Management Technologies (OTC:WNDM), operating under WNDM Medical, said last week it inked a deal to spin out its CellerateRX activated collagen assets into a new joint venture with The Catalyst Group.
Fort Worth, Texas-based Wound Management Tech will maintain a 50% ownership interest in the new joint venture, with The Catalyst Group taking up the other half, according to an SEC filing.
The newly formed Cellerate JV will maintain an exclusive sublicense to distribute the CellerateRX activated collagen adjuvant into the wound care markets in the US, Canada and Mexico, according to an SEC filing.
As part of the agreement, Wound Management Tech issued a 30-month promissory note to The Catalyst Group’s newly formed CellerateRX subsidiary in the princpal amount of $1.5 million with a 5% interest rate, convertible into shares of WNDM Medical at a conversion price of 9¢ per share, according to an SEC filing.
In April, Wound Management Tech said that it named Michael McNeil as its new chief financial officer, replacing former CFO J. Carmena, who was promoted to CEO in February.