A Diagnostics & Imaging Week
Aspyra (Calabasas, California) reported that it has been established with completion of the merger between Creative Computer Applications (CCA; Calabasas), a provider of clinical information systems (CIS) for hospital and clinic-based laboratories, pharmacies and medical imaging departments, and StorCOMM (Jacksonville, Flor-ida), a provider of picture archiving communication systems (PACS) and clinical image management systems for medical imaging.
The transaction was approved by the shareholders of both companies, and the CCA shareholders also approved the private placement of 1.5 million common shares and 300,000 warrants for an aggregate price of $3 million.
Aspyra has additional offices in Jacksonville, and international offices in West Sussex, UK.
Steven Besbeck, president and CEO of Aspyra, said, “The combined experience . . . of the two companies creates a synergy that opens the doors to new product opportunities that will empower caregivers to provide a higher level of quality patient care. This is also evident in the meaning of our company name, Aspyra – to reach for and achieve success.”
Sam Elliott, chief international officer of Aspyra, said, “By providing a single-vendor solution for the global clinical and diagnostic marketplace, we have positioned the company for further expansion and worldwide success. Our products, now and in the future, will continue to be used in a variety of diverse healthcare settings.”
Aspyra debuted its AccessRAD product, a RIS/PACS solution, at this week’s annual meeting of the Radiological Society of North America (Oak Brook, Illinois) in Chicago. It said AccessRAD “automates processes at every point of patient and encounter workflow.”
Protein Polymer Technologies (PPT; San Diego), a biotech/device company pioneering protein design and synthesis, said it has agreed to merge with Thuris (Irvine, California), a privately held biopharmaceutical company focused on medical device solutions to aid in drug development and diagnosis of central nervous system (CNS) disorders, including mild cognitive impairment and Alzheimer’s disease.
Thuris also is developing drugs for orphan and niche indications such as ischemia, brain inflammation and Huntington’s disease.
A wholly owned subsidiary of PPT will be merged into Thuris, with Thuris becoming a subsidiary of PPT.
Stockholders of Thuris would receive shares of common stock, or equivalents, of PPT, equal to 30% to 50% of the capital stock of PPT. Stockholders of PPT would hold 50% to 70% of the stock of PPT, based on a $19 million valuation of Thuris, and depending upon the average price of PPT common stock for the 20 trading days ending one day prior to execution of the definitive agreement.
Thuris has received FDA 510(k) clearance for a non-invasive medical device, the NeuroGraph, which assists in the diagnosis of neurological and psychiatric disorders over a range of brain-related conditions. The device, based on electroencephalogy and event-related potentials (ERP), includes statistical learning methods. The software enables the device to function as a clinical development tool and psychiatric diagnostic aid.
The ERP procedure creates brain waves that distinguish healthy from unhealthy function. Thuris said it plans to market the NeuroGraph to pharma companies for enrollment and endpoint monitoring in CNS clinical trials, and to others involved in CNS diagnosis and treatment.
“By combining the resources of the two companies and the expertise of the two management teams, we believe that our NeuroGraph medical device will be more expeditiously commercialized,” said Keith Hoffman, PhD, chief operating officer of Thuris. “In addition, this merger will enable us to aggressively advance our lead pharmaceutical compound into clinical trials.”
PPT develops technologies and products used for soft-tissue augmentation, tissue adhesives and sealants, wound-healing support and drug-delivery devices. It says its protein-based biomaterials “are tailored to clinical performance” and contain no human or animal components.