Sanara MedTech Inc. acquired Certain Assets Related to its Collagen Products Business from Applied Nutritionals, LLC, The Hymed Group Corporation, and Dr. George Petito for 25.3 million.
August 01, 2023
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Sanara MedTech Inc. (NasdaqCM:SMTI) acquired Certain Assets Related to its Collagen Products Business from Applied Nutritionals, LLC, The Hymed Group Corporation, and Dr. George Petito for 25.3 million on August 1, 2023. The initial purchase price for the assets that were acquired by the Company is $15.25 million, consisting of $9.75 million in cash paid at closing, shares of the Company?s common stock with an agreed upon value of $3.0 million, and four equal annual installments of $625,000 in cash. The Sellers are also entitled to earnout payments of up to $10.0 million based on future sales of a collagen-based product currently under development, as well as certain royalties and incentive payments on future products that are developed. Cash at closing is being funded through a loan provided by Cadence Bank.
The assets that Sanara acquired include, All rights and ownership (for human wound care uses) for four 510(k) cleared collagen-based wound care products including CellerateRX and Hycol, All rights and ownership (for human wound care uses) for three new collagen-based products currently under development. All patents, patents pending, trademarks and regulatory approvals related to collagen human wound care products owned by the Sellers. This includes nine patents and all of the Sellers? patents pending for collagen products for human wound care uses, five trademarks, and four 510(k)s.
Sanara MedTech Inc. (NasdaqCM:SMTI) completed the acquisition of Certain Assets Related to its Collagen Products Business from Applied Nutritionals, LLC, The Hymed Group Corporation, and Dr. George Petito on August 1, 2023.
Sanara Medtech Inc. is a medical technology company focused on developing and commercializing transformative technologies to improve clinical outcomes and reduce healthcare expenditures in the surgical, chronic wound and skincare markets. It markets several products for surgical and chronic wound care applications and has multiple products in its pipeline. Its surgical products, CellerateRX Surgical, TEXAGEN, BiFORM, ACTIGEN, ALLOCYTE, ALLOCYTE Plus Advanced Viable Bone Matrix (ALLOCYTE Plus), BIASURGE, FORTIFY TRG Tissue Repair Graft (FORTIFY TRG), and FORTIFY FLOWABLE Extracellular Matrix (FORTIFY FLOWABLE) are used in a range of surgical specialties to help promote patient healing and reduce the risk of complications. CellerateRX Surgical products, TEXAGEN products, FORTIFY TRG and FORTIFY FLOWABLE are used in specialties, including cardiothoracic, colorectal, general surgery, hand, head and neck, high-risk obstetrics and gynecology, Mohs surgery, neurosurgery, and others.
Sanara MedTech Inc. acquired Certain Assets Related to its Collagen Products Business from Applied Nutritionals, LLC, The Hymed Group Corporation, and Dr. George Petito for 25.3 million.