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MedTechIQ Member, Hydromer, Inc. Announces Sale of Product Line for $1.6m
Colleagues,
As reported in CNN Money.Com... Hydromer, Inc. (OTCBB: HYDI) announced the sale of the Endoscopic Bipolar Coagulation probe and Biliary Stent business by its wholly owned subsidiary, Biosearch Medical Products, Inc. ("Biosearch"), to Merit Medical Systems, Inc. ("Merit") for $1.6 million in cash. The agreement also calls for the assignment of existing BMPI / customer supply agreements to Merit and a seven-year non-compete provision. Until the date when Merit is able to independently manufacture the products, Biosearch will continue to manufacture the products at an agreed upon transfer price.
In addition, a separate supply agreement has been entered between the two parties for Hydromer® hydrophilic coating solution used on those products.
"We are very pleased about the business relationship we have entered with Merit Medical Systems, Inc.," stated MedTechIQ member, Martin C. Dyck, President of Biosearch and Executive Vice
President of Hydromer, Inc...
For the latest information about Hydromer, Inc. and its products, please visit our web site at http://www.hydromer.com.
Contact: Martin C. Dyck, MedTechIQ profile, http://medtechiq.ning.com/profile/MartinvonDyck,
Senior Vice President, Hydromer, (908) 722-5000
Read on at: http://money.cnn.com/news/newsfeeds/articles/marketwire/0476927.htm
Remember, MedTechIQ is posting other Hydromer product line sales at: http://medtechiq.ning.com/forum/topics/hydromer-seeking-buyer-for-1
ENJOY!
CC
As reported in CNN Money.Com... Hydromer, Inc. (OTCBB: HYDI) announced the sale of the Endoscopic Bipolar Coagulation probe and Biliary Stent business by its wholly owned subsidiary, Biosearch Medical Products, Inc. ("Biosearch"), to Merit Medical Systems, Inc. ("Merit") for $1.6 million in cash. The agreement also calls for the assignment of existing BMPI / customer supply agreements to Merit and a seven-year non-compete provision. Until the date when Merit is able to independently manufacture the products, Biosearch will continue to manufacture the products at an agreed upon transfer price.
In addition, a separate supply agreement has been entered between the two parties for Hydromer® hydrophilic coating solution used on those products.
"We are very pleased about the business relationship we have entered with Merit Medical Systems, Inc.," stated MedTechIQ member, Martin C. Dyck, President of Biosearch and Executive Vice
President of Hydromer, Inc...
For the latest information about Hydromer, Inc. and its products, please visit our web site at http://www.hydromer.com.
Contact: Martin C. Dyck, MedTechIQ profile, http://medtechiq.ning.com/profile/MartinvonDyck,
Senior Vice President, Hydromer, (908) 722-5000
Read on at: http://money.cnn.com/news/newsfeeds/articles/marketwire/0476927.htm
Remember, MedTechIQ is posting other Hydromer product line sales at: http://medtechiq.ning.com/forum/topics/hydromer-seeking-buyer-for-1
ENJOY!
CC
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