| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers P > Headlines for Protein Polymer Technologies, Inc. > News item |
Protein Polymer acquires Surgica for 2 million shares
By Angela McDaniels
Seattle, Dec. 22 - Protein Polymer Technologies Inc. exercised its option to acquire Surgica Corp.'s assets in exchange for 2 million shares of Protein Polymer common stock, according to an 8-K report filed with the Securities and Exchange Commission.
Surgica will operate as a division of Protein Polymer and may also receive additional shares of stock based on the sales performance of its products during the first quarter of 2007.
Protein Polymer has acquired the rights to three embolization products, one issued patent and technical and market know-how in return for the assumption of up to $650,000 of Surgica liabilities, cash payments of up to $400,000 against other Surgica liabilities and a royalty to Surgica of 25% of net profits on revenues generated by the sale of the Surgica products.
A related supply and services agreement provides for the manufacture of products by Surgica and the provision of services to Protein Polymer, including further product development, in exchange for operating payments to Surgica.
The companies agreed the asset purchase option in November and closed it on Dec. 19.
Primarily used by interventional radiologists, embolization products are used to treat a variety of medical conditions by blocking blood flow to tissues, damaged blood vessels, vascular malformations and tumors, the companies said.
Protein Polymer is a San Diego, Calif.-based biotechnology company that develops therapeutic devices to improve medical and surgical outcomes.
Based in El Dorado Hills, Calif., Surgica develops tissue-engineering products and manufactures biopharmaceutical products and medical devices.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.