Urodynamix Enters into Definitive Agreement for Sale of NIRS Business to HEGLN (Dalian)
July 08 2010 - 4:20PM
Marketwired
Urodynamix Technologies Ltd. (TSX VENTURE: URO) ("Urodynamix" or
the "Company") announces today that it has signed a definitive
agreement with HEGLN (Dalian) for the sale of the majority of its
assets for CAD$2,100,000. HEGLN is a leading Chinese biotechnology
company. The acquisition of the Urodynamix assets will allow HEGLN
to expand its product offering in its domestic and worldwide
markets.
"As described in the press release dated December 9, 2009, the
Company has been investigating strategic initiatives to maximize
shareholder value in light of the previously announced changes in
US reimbursement for its uroNIRS products," said Barry Allen,
President and CEO of Urodynamix. "This transaction will also insure
that this valuable technology will continue to be available
worldwide."
"We are excited by the opportunity to acquire such valuable
technology. We will continue to work with our network of
researchers, contractors and distributors to further develop and
market the uroNIRS products worldwide," said Zhe Qin, President of
HEGLN.
This agreement is subject to the approval of the University of
British Columbia, the National Research Council of Canada, and the
Company's shareholders. Further information and details will be
available in the Company's information circular, which will be
mailed to shareholders shortly. Shareholder approval will be sought
at the Company's Annual General and Special Meeting to be held
prior to August 30th, 2010.
Following closing, the transaction, Urodynamix management will
evaluate alternatives to maximize shareholder value and will
provide updates as they become available.
About Urodynamix
Urodynamix is a Canadian medical device company developing and
commercializing non-invasive medical technology based on
proprietary applications of near-infrared spectroscopy (NIRS). The
Company is currently focused on products that aid in the diagnosis
and treatment of urinary incontinence, lower urinary tract
symptoms, erectile dysfunction, prostate cancer, benign prostatic
hyperplasia, and traumatic increased in intra-abdominal pressure
that cause abdominal compartment syndrome. Urodynamix's
breakthrough medical technology has the potential to beneficially
affect more than 200 million people worldwide.
About HEGLN (Dalian)
HEGLN (Dalian) Pharmaceutical Co., Ltd. is located in Dalian,
China. The company is one of the leading medical product companies
in the Northeastern China. HEGLN employs over 1,000 employees, with
more than 200 R&D staff. The company has successfully
commercialized forty-five proprietary products, and has a research
pipeline of over thirty proprietary products. HEGLN is ISO
certified and US FDA compliant.
Certain information contained in this press release may be
forward-looking and is subject to unknown risks, which could cause
actual results to differ materially from those set forth or implied
herein. Although the Company believes that the expectations
reflected in such forward-looking statements are reasonable, it can
give no assurance that such expectations will prove correct.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Contacts: Urodynamix Technologies Ltd. Barry Allen President and
Chief Executive Officer (604) 638-0241 ballen@urodynamix.com
www.urodynamix.com
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