BOULDER, Colo.--(BUSINESS WIRE)--March 3, 1997-- Colorado Medtech Inc today announced it has completed the acquisition of Novel Biomedical Inc.
The purchase was completed for approximately $1.3 million cash, issuance of 70,000 common shares and approximately 294,000 five-year non-qualified common stock options of CMED, resulting in a total purchase value of approximately $1.9 million.
Novel, located in Plymouth, Minn., had revenues of approximately $2.1 million and net income of approximately $300,000 for the year ended Dec. 31, 1996. The company specializes in the custom design, development and manufacture of unique disposable medical devices, primarily catheters, used in angioplasty, minimally invasive surgery, electrophysiology and infertility. Jonathan Kagan, founder, will remain as president of Novel.
"This is a strategic acquisition," said John V. Atanasoff, Colorado MEDtech president and CEO, "which will enhance our design, development and manufacturing capabilities and will also provide the basis for the development of proprietary interventional medical devices. We plan to grow the Novel operation in Minnesota by continued expansion of the base business and development of unique proprietary products."
Colorado MEDtech is an integrated custom product development and manufacturing services company specializing in the
design, development and manufacture of electronic and electromechanical products and software systems for the medical
device industry. |
