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.