Business
SANUWAVE Health Enters Into Exclusive Letter of Intent to Acquire Celularity’s UltraMIST® and Exclusive Partnership Rights for Wound Care Biologic Products
Contemplated Transaction Would Create a Leading Provider of Advanced Wound Care Solutions that Improve Clinical Outcomes Across the Continuum of Care SUWANEE,
About this update from Sanuwave Health, Inc.
[{"type":"text","content":"Contemplated Transaction Would Create a Leading Provider of Advanced Wound Care Solutions that Improve Clinical Outcomes Across the Continuum of Care\n SUWANEE, GA, June 10, 2020 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- SANUWAVE Health, Inc. (OTCQB: SNWV) today announced that it has entered into an exclusive, non-binding letter of intent to acquire Celularity’s UltraMIST® Ultrasound Healing Therapy asset as well as exclusive partnership rights for Celularity’s wound care biologic products. Celularity is a privately held, clinical-stage cell therapeutics company delivering transformative allogeneic cellular therapies, engineered from the postpartum human placenta, in cancer, infectious disease, and degenerative disease. SANUWAVE will conduct an investor teleconference at 9:00 a.m. EDT today to discuss how the contemplated acquisition is expected to broaden its wound care portfolio and enhance its financial profile. “UltraMIST® and the Celularity wound care biologic products, Biovance® and Interyl®, are excellent complements to our dermaPACE® System,” said Kevin Richardson, SANUWAVE Chief Executive Officer. “The contemplated acquisition would bolster our advance wound care portfolio and support our growth strategy to offer comprehensive advanced wound care solutions to improve clinical outcomes across the care pathway. The UltraMIST® device is already established in over 900 wound care clinics and SANUWAVE will leverage their sales team to accelerate the penetration of dermaPACE® into those facilities.” “We are excited about the prospect to bring Celularity’s wound care technologies and 25 dedicated wound care professionals to our team,” Mr. Richardson continued. “Together, we will apply shockwave and ultrasound science to bring differentiated offerings to key wound care solutions worldwide.” The transaction is expected to close in July 2020. The funding for the acquisition will consist of a mix of funded term debt and equity. Existing SANUWAVE shareholders, directors and officers have committed over $5 million at $0.25 per share to assist in completing the transaction. SANUWAVE has engaged William Blair for investment banking services to arrange, negotiate and assist in the placement of debt capital for the proposed acquisition. William Blair is in advanced discussions with lenders for the debt capital. The contemplated acquisitio...