A Medical Device Daily
NetImpact Holdings (Las Vegas) reported that it has entered into an investment agreement with ProVision Capital Group (PCG) for a $10 million investment to be paid in 12 equal installments.
The company said it would use the funds to complete the final repackaging design and initial manufacturing of the various models of its NeuroWave Therapy 4000 drug and chronic pain device.
PCG will invest $10 million in NetImpact and its wholly owned subsidiary, NeuroWave Therapy International (NTII), for working capital. Under the terms of the agreement, NetImpact and NTII are not required to provide PCG with any equity.
Once the NWT 4000 devices are repackaged, NetImpact and NTII will initially focus on sales in the nine Southeast Asia countries (Thailand, Singapore, Philippines, Hong Kong, Japan, Vietnam, Cambodia, Laos and South Korea) and finalize agreements with NetImpact associates working closely with NTII to open markets in South America and Eastern Europe.
NetImpact and NTII are in the process of setting up business relationships in these areas to get the NWT 4000 devices to market.
The company said the funds would be used to enhance and develop newer models of the NWT 4000 device for each of the five major groups of treatment (chronic pain, drug addiction, opiate addictions, alcohol addictions and tobacco addictions).
NetImpact is a fast-growing company specializing in improving the delivery of healthcare for developing countries, worldwide productivity improvement applications development, and bringing new technologies to market.
CPC of America (Sarasota, Florida) reported that it has acquired a minority interest in Med Enclosure.
CPC had formed Med Enclosure in 1999 as a vehicle for the development of a patented internal puncture closing device and technique known as MedClose.
As of October 2004, CPC held an 80.3% membership interest in that company, with the 19.7% minority membership interest held by a single non-affiliated party. In November 2004, CPC acquired from the minority member a 12% membership interest, and this month, CPC acquired the remaining 7.7% membership interest.
Med Enclosure is now the 100%-owned subsidiary of CPC.