A Medical Device Daily
WayPoint Biomedical Holdings (Huntington Beach, California) and Global Informatics Technology (Laguna Hills, California) said they would form a new joint venture, World Wide Medical Systems (WWMS).
WayPoint said that $7.5 million in initial capital was secured to fund Global's manufacturing and production capabilities, along with providing the working capital needed for WayPoint to begin forming the corporate operating structure of WWMS.
The new j-v will be responsible for the global commercialization of Global Informatics' smart card-based electronic medical record (EMR) system.
WayPoint CEO Dennis Shepherd, said, “With the first round of financing secured and the initial tranche expected within the next two weeks, we are prepared to initiate the process of bringing this revolutionary healthcare technology to the world.“
WayPoint specializes in tests and devices for screening and monitoring health, fitness and environment. It develops disposable tests that offer both a preliminary diagnostic screens, along with a future path for consumers, medical providers and first responders to follow regarding their health status or environmental condition.
In other dealmaking activity:
• ChoicePoint (Alpharetta, Georgia) said it has acquired ShortStop (Green Bay, Wisconsin), which operates a network of drug/health testing clinics. Terms were not disclosed.
The ShortStop network specializes in urine drug test collections, breath alcohol testing, DOT and pre-employment physicals and hair test collections. It also has networks of clinics for specialized company physicals, saliva alcohol testing and blood draws. It contracts with more than 10,000 collection sites nationwide to provide pre- and continuing employment tests and compliance with U.S. Department of Transportation guidelines.
ChoicePoint said the addition of ShortStop would expand its network of collection locations, enhancing service to customers as they seek ways to mitigate risks through pre- and continuing employment screens.
ChoicePoint said the deal will not have material impact on its financial results and will not be dilutive to earnings.
• Kairos Holdings (Orlando, Florida) reported signing a letter of intent with Health Plus International (HPI; Boca Raton, Florida) to acquire a 40% interest in HPI, a nanotech manufacturing company that uses its patented process for nutritional, pharmaceutical and cosmetic delivery systems.
Kairos is a business development company that said it is “seeking opportunities in distressed, emerging and fast-growth industries.“
• Dynacq Healthcare (Houston) reported the termination of its agreement to sell the assets of its Baton Rouge Hospital to Physicians Medical Centre of Baton Rouge , “through no fault of the seller,“ it said. The agreement was entered into on Feb. 22 and terminated on March 7.
Dynacq is a holding company that, through its subsidiaries, provides surgical healthcare services and related ancillary services through hospital facilities and an outpatient surgical center.