Sanara MedTech Inc. Based in Fort Worth, Texas, Sanara MedTech Inc.
(“Sanara,” the “Company,” “we,” “our” or “us”) (NASDAQ: SMTI), 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, announced today the acquisition
of certain assets related to its collagen products business.
The acquisition of proprietary assets (the
“Asset Acquisition”) from Applied Nutritionals, LLC, The Hymed
Group Corporation, and Dr. George Petito (collectively, the
“Sellers”) is a major milestone for Sanara’s strategy to own the
intellectual property, including trade secrets, for its hydrolyzed
collagen products. In addition, the Company believes controlling
its manufacturing will reduce costs as well as help it to expand
research and development efforts related to hydrolyzed collagen
products.
Zach Fleming, Sanara's Chief Executive Officer,
stated, “We believe that this transaction furthers our goals by
eliminating the royalties we pay to the Sellers on CellerateRX®
Surgical Powder and Gel (“CellerateRX”) and HYCOL® Hydrolyzed
Collagen (“Hycol”), giving Sanara control of the manufacturing
process for CellerateRX and Hycol, and giving us full rights to
develop new collagen products for human wound care uses based on
the acquired technology. I would also add that Sanara has an
outstanding relationship with the Applied Nutritionals team and we
look forward to continuing to work with them on new innovative
products under the terms of the agreement.”
The assets that Sanara acquired include the
following:
- 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.
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.
About Sanara
MedTech Inc.
With a focus on improving patient outcomes
through evidence-based healing solutions, Sanara MedTech Inc.
markets, distributes and develops surgical, wound and skincare
products for use by physicians and clinicians in hospitals, clinics
and all post-acute care settings and offers wound care and
dermatology virtual consultation services via telemedicine.
Sanara’s products are primarily sold in the North American advanced
wound care and surgical tissue repair markets. Sanara markets and
distributes CellerateRX® Surgical Activated Collagen®, FORTIFY TRG®
Tissue Repair Graft and FORTIFY FLOWABLE® Extracellular Matrix as
well as a portfolio of advanced biologic products focusing on
AMPLIFY™ Verified Inductive Bone Matrix, ALLOCYTE® Advanced
Cellular Bone Matrix, BiFORM® Bioactive Moldable Matrix and
TEXAGEN® Amniotic Membrane Allograft to the surgical market. In
addition, the following products are sold in the wound care market:
BIAKŌS® Antimicrobial Skin and Wound Cleanser, BIAKŌS™
Antimicrobial Wound Gel, BIAKŌS® Antimicrobial Skin and Wound
Irrigation Solution and HYCOL® Hydrolyzed Collagen. Sanara’s
pipeline also contains potentially transformative product
candidates for mitigation of opportunistic pathogens and biofilm,
wound re-epithelialization and closure, necrotic tissue debridement
and cell compatible substrates. The Company believes it has the
ability to drive its pipeline from concept to preclinical and
clinical development while meeting quality and regulatory
requirements. Sanara is constantly seeking long-term strategic
partnerships with a focus on products that improve outcomes at a
lower overall cost. In addition, Sanara is actively seeking to
expand within its six focus areas of wound and skin care for the
acute, post-acute, and surgical markets. The focus areas are
debridement, biofilm removal, hydrolyzed collagen, advanced
biologics, negative pressure wound therapy products and the oxygen
delivery system segment of the wound and skincare markets.
Information about Forward-Looking
Statements
The statements in this press release that do not
constitute historical facts are “forward-looking statements,”
within the meaning of and subject to the safe harbor created by the
Private Securities Litigation Reform Act of 1995. These statements
may be identified by terms such as “aims,” “anticipates,”
“believes,” “contemplates,” “continue,” “could,” “estimates,”
“expect,” “forecast,” “guidance,” “intend,” “may,” “plan,”
“possible,” “potential,” “predicts,” “preliminary,” “projects,”
“seeks,” “should,” “targets,” “will” or “would,” or the negatives
of these terms, variations of these terms or other similar
expressions. These forward-looking statements include, among
others, statements regarding the potential benefits created by the
Asset Acquisition, the anticipated impact of the Asset Acquisition
on Sanara’s business and future financial and operating results,
Sanara’s ability to develop and commercialize the new
collagen-based products currently under development, including the
manufacturing, distribution, marketing and sale of such products;
Sanara’s ability to maintain or replace the Sellers’ manufacturing
and distribution process, including relationships with vendors, the
development of new products, the timing of commercialization of our
products, the regulatory approval process and expansion of the
Company’s business in telehealth and wound care. These items
involve risks, contingencies and uncertainties such as the extent
of product demand, market and customer acceptance, the effect of
economic conditions, competition, pricing, uncertainties associated
with the development and process for obtaining regulatory approval
for new products, the ability to consummate and integrate
acquisitions, and other risks, contingencies and uncertainties
detailed in the Company’s SEC filings, which could cause the
Company’s actual operating results, performance or business plans
or prospects to differ materially from those expressed in, or
implied by these statements.
All forward-looking statements speak only as of
the date on which they are made, and the Company undertakes no
obligation to revise any of these statements to reflect the future
circumstances or the occurrence of unanticipated events, except as
required by applicable securities laws.
Investor Contact:
Callon Nichols, Director of Investor
Relations713-826-0524CNichols@sanaramedtech.com
SOURCE: Sanara MedTech Inc.
Sanara MedTech (NASDAQ:SMTI)
Historical Stock Chart
Von Apr 2024 bis Mai 2024
Sanara MedTech (NASDAQ:SMTI)
Historical Stock Chart
Von Mai 2023 bis Mai 2024