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Sanara MedTech Inc. Announces the Acquisition of Certain Assets Related to its Collagen Products Business
FORT WORTH, TX, Aug. 02, 2023 (GLOBE NEWSWIRE) -- Sanara MedTech Inc. Based in Fort Worth, Texas, Sanara MedTech Inc. (“Sanara,” the “Company,” “we,” “our” or
About this update from Sanara Medtech Inc.
[{"type":"text","content":"FORT WORTH, TX, Aug. 02, 2023 (GLOBE NEWSWIRE) -- Sanara MedTech Inc. Based in Fort Worth, Texas, Sanara MedTech Inc. (“Sanara,” the “Company,” “we,” “our” or “us”) (NASDAQ: SMTI), a medical technology company focused on developing and commercializing transformative technologies to improve clinical outcomes and reduce healthcare expenditures in the surgical, chronic wound and skincare markets, announced today the acquisition of certain assets related to its collagen products business. The acquisition of proprietary assets (the “Asset Acquisition”) from Applied Nutritionals, LLC, The Hymed Group Corporation, and Dr. George Petito (collectively, the “Sellers”) is a major milestone for Sanara’s strategy to own the intellectual property, including trade secrets, for its hydrolyzed collagen products. In addition, the Company believes controlling its manufacturing will reduce costs as well as help it to expand research and development efforts related to hydrolyzed collagen products. Zach Fleming, Sanara's Chief Executive Officer, stated, “We believe that this transaction furthers our goals by eliminating the royalties we pay to the Sellers on CellerateRX® Surgical Powder and Gel (“CellerateRX”) and HYCOL® Hydrolyzed Collagen (“Hycol”), giving Sanara control of the manufacturing process for CellerateRX and Hycol, and giving us full rights to develop new collagen products for human wound care uses based on the acquired technology. I would also add that Sanara has an outstanding relationship with the Applied Nutritionals team and we look forward to continuing to work with them on new innovative products under the terms of the agreement.” The assets that Sanara acquired include the following: All rights and ownership (for human wound care uses) for four 510(k) cleared collagen-based wound care products including CellerateRX and Hycol.All rights and ownership (for human wound care uses) for three new collagen-based products currently under development.All patents, patents pending, trademarks and regulatory approvals related to collagen human wound care products owned by the Sellers. This includes nine patents and all of the Sellers’ patents pending for collagen products for human wound care uses, five trademarks, and four 510(k)s. The initial purchase price for the assets that were acquired by the Company is $15.25 million, consisting of $...