A Medical Device Daily
CardioDynamics (San Diego) reported that its shareholders voted to approve the merger with SonoSite, (Bothell, Washington) in which it will become a wholly owned subsidiary of SonoSite.
The proposed merger was first reported in June (Medical Device Daily, June 1, 2009), and is anticipated to close within nearly one week.
CardioDynamics shareholders will receive $1.35 per share in cash, in exchange for each share of common stock which will equate to nearly $12.3 million. The price represented a 69% premium over the closing share price on June 8, 2009, the day before the definitive merger agreement was reported. Upon closing of the transaction, CardioDynamics shares will be de-listed from the Nasdaq stock market.
In other dealmaking activity/ PathoLase, (Chico, California) reported it is establishing two separate corporate entities: PathoLase, which will continue to work on development of new laser-based medical devices for the treatment of targeted infections; and PinPointe USA (Mesa, Arizona) which will focus entirely on expanding the groundbreaking PinPointe FootLaser treatment.
The company said that going forward as PathoLase Inc. and PinPointe USA will allow the PathoLase R&D experts to work on a roadmap of indications from periodontal disease to respiratory and blood-borne infections caused by viruses, bacteria and fungus. At the same time, this corporate structure will ensure that PinPointe USA receives the full attention and focus that it deserves as it continues to reshape the field of footcare.