Escalon Medical (Wayne, Pennsylvania) reported that the board of Drew Scientific Group (London) has recommended that its shareholders accept Escalon's revised exchange offer. Under the previously announced revised proposal, Escalon is offering 900,000 shares of its common stock in exchange for all the ordinary shares of Drew Scientific Group. Escalon reported in April its intention to offer 0.0048 shares of Escalon common stock in exchange for each ordinary share of Drew Scientific validly tendered. Drew is to operate as a separate Escalon division. Drew Scientific develops instrumentation and consumables for the diagnosis and monitoring of medical disorders in the areas of diabetes, cardiovascular diseases and hematology, as well as veterinary hematology and blood chemistry.
Millenium Holding Group (Henderson, Nevada) has entered into an agreement to merge with Sutura (Fountain Valley, California), a company that develops minimally invasive vessel closure devices to suture the puncture created in the femoral artery during catheter-based procedures, primarily in the fields of cardiology and radiology. Terms of the deal were not disclosed. Millenium said the merger would position the combined company to launch Sutura's products in the U.S. medical device market and expand Sutura's existing presence in Europe. Anthony Nobles, president and chief executive officer of Sutura, said the merger with Millenium would raise Sutura's profile in the U.S. medical device industry and allow for further strategic positioning.
Sports Information and Publishing (SIPC; Littleton, Colorado) said it has agreed to acquire all of the outstanding shares of Hall Effect Medical Products (Manchester, UK), the owner of two UK-based companies, which are developing a group of medical diagnostic products for personal and professional use. The value of the deal was not disclosed. Hall's products are based on technology that utilizes the Hall Effect, discovered more than 100 years ago, Hall said, which its scientists now developing various applications. The agreement provides for the acquisition of Hall in exchange for the issuance of calls 34,343,662 common shares of Sports Information. Upon satisfactory completion of various conditions, the acquisition is set to be closed within 60 days, and the company will become In Vivo Medical Diagnostics. Hall consists of two UK-based, wholly-owned subsidiaries, Hall Effect Technologies and Jopejo. Hall Effect Technologies is in the final stage of its first medical device development for the cardiovascular market. Other medical conditions being addressed include diabetes and other conditions where imaging is required.