Navigation Links
Nova Biomedical and CCS Medical Reach Definitive Agreement for a Subsidiary of Nova Biomedical to Acquire Assets of CCS Medical's Subsidiary, Sanvita Inc.
Date:9/10/2009

WALTHAM, Mass. and CLEARWATER, Fla., Sept. 10 /PRNewswire/ -- Nova Biomedical Corporation, a leading developer of whole blood analyzers, and CCS Medical, Inc. a leading direct-to-consumer provider of medical supplies, today announced that they have reached a definitive agreement under which Nova Biomedical's independent, wholly owned subsidiary, Sanvita CBGM, LLC, will acquire certain assets of Sanvita, Inc., a wholly-owned subsidiary of CCS Medical. Sanvita, Inc. is currently the exclusive distributor of Nova's "NovaMax" consumer blood glucose product line in the United States. The NovaMax blood glucose monitor has the fastest test time and absolutely no coding.

"Nova Biomedical and Sanvita have had a mutually beneficial business relationship for more than two years," said Francis C. Manganaro, President and Chief Executive Officer of Nova Biomedical. "While our existing business model has served us well to date, we believe that now is the right time for our CBGM subsidiary to assume full control of the distribution of our consumer glucose brand, NovaMax. This will allow Nova to be closer to its customers, to develop innovative NovaMax products, and to bring new NovaMax products to market faster. Together with the recent success of Nova Biomedical's hospital glucose monitor business, StatStrip, the acquisition of assets of Sanvita by the CBGM subsidiary will position Nova Biomedical to further improve its overall glucose monitoring business.

John Miclot, Chief Executive Officer of CCS Medical, said, "Today's announcement is a validation of the hard work and commitment of Sanvita, Inc.'s talented work force and to the value they provide every day to customers and patients. We intend to work closely with Sanvita CBGM, LLC to continue to maintain the high level of patient and customer support and satisfaction."

The acquisition is subject to customary approvals and approval by the United States Bankruptcy Court for the District of Delaware, which is overseeing CCS Medical's Chapter 11 case. The parties expect the transaction to close in early October.

Additional information regarding the transaction has been filed with the United States Bankruptcy Court for the District of Delaware and can be found at the Court's website, www.deb.uscourts.gov.

About Sanvita CBGM, LLC

Sanvita CBGM, LLC is an independent, wholly owned subsidiary of Nova Biomedical. Upon the closing of the acquisition, Sanvita CBGM, LLC will be the exclusive distributor of NovaMax products in the United States.

About Nova Biomedical

Nova Biomedical is a world leader in the development of whole blood analyzers to support the care of home based and hospitalized patients. Based upon innovative biosensor technology, Nova glucose monitors are designed for rapid and accurate measurement of patient glucose levels without coding test strips. Nova Biomedical has pioneered many advances in glucose testing and introduced its first glucose whole blood biosensor to hospitals in 1987.

About CCS Medical

Founded in 1994, CCS Medical has become a leading provider of medical supplies. CCS Medical assists patients that need diabetes test strips, insulin pumps, urological supplies, ostomy supplies, advanced wound care dressings and prescription drugs. CCS Medical specializes in providing a convenient way for patients to receive supplies for their chronic illnesses in a manner that saves them time and money. As a leader in the medical supply community, CCS Medical has a commitment to the mission statement of being the leading provider of products and services to the home chronic care marketplace. The Company maintains a solid reputation among patients and healthcare professionals, and has developed strong relationships and select co-marketing agreements with many of the world's leading medical products manufacturers. For more information on CCS Medical, please visit www.ccsmed.com.

Contacts:

    For Nova Biomedical:

    John C. Swan
    Treasurer
    Nova Biomedical Corporation
    781-894-0800

    For CCS Medical:

    Andrew Brimmer or Meaghan Repko
    Joele Frank, Wilkinson Brimmer Katcher
    212-355-4449


'/>"/>
SOURCE Nova Biomedical Corporation; CCS Medical, Inc.
Copyright©2009 PR Newswire.
All rights reserved

Related biology technology :

1. Johnson & Johnson Honors 2009 Recipient of The Dr. Paul Janssen Award for Biomedical Research
2. Environmental Tectonics Corporations BioMedical Systems Division Announces the Sale of a Monoplace Hyperbaric Chamber
3. ETC Biomedical Announces Chamber Sale in India
4. Environmental Tectonics Corporation Announces Promotion of Don R. Webber to VP of Sales for their BioMedical Division
5. Improving Transfusion Safety: Fenwal, Verax Biomedical Sign Agreement for Rapid, Point-of-Care Bacteria Test
6. Video: Axel Ullrich Named Winner of 2009 Dr. Paul Janssen Award for Biomedical Research
7. Environmental Tectonics Corporations BioMedical Division to Exhibit at Undersea and Hyperbaric Medical Society Meeting
8. Environmental Tectonics Corporations BioMedical Division Achieves Foreign Manufacturer Accreditation in Japan
9. Ten Top Latin American Scientists Named 2009 Pew Fellows in the Biomedical Sciences
10. NCIIA Honors Top Collegiate Biomedical Engineering Teams
11. The Foundation for Biomedical Research Wins Telly Award for Majestic
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:10/12/2017)... (PRWEB) , ... October 12, ... ... ) has launched Rosalind™, the first-ever genomics analysis platform specifically designed for ... complexity. Named in honor of pioneering researcher Rosalind Franklin, who made a ...
(Date:10/11/2017)... ... 2017 , ... Personal eye wash is a basic first aid supply for any work environment, ... eye do you rinse first if a dangerous substance enters both eyes? It’s one less ... with its unique dual eye piece. , “Whether its dirt and debris, or an acid ...
(Date:10/11/2017)...  VMS BioMarketing, a leading provider of patient support solutions, ... Educator (CNE) network, which will launch this week. The VMS ... care professionals to enhance the patient care experience by delivering ... health care professionals to help women who have been diagnosed ... ...
(Date:10/11/2017)... ... October 11, 2017 , ... A new study published ... frozen and fresh in vitro fertilization (IVF) transfer cycles. The multi-center ... success. , After comparing the results from the fresh and frozen transfer cohorts, ...
Breaking Biology Technology:
(Date:8/23/2017)... help is being enlisted in what,s thought to be the biggest study ... body –and are believed to affect health.  ... The Microbiome Immunity Project is the largest study to date of ... goal is to help advance scientific knowledge of the role of these ... The Microbiome ...
(Date:6/23/2017)... ITHACA, N.Y. , June 23, 2017  IBM ... in dairy research, today announced a new collaboration using ... the chances that the global milk supply is impacted ... project, Cornell University has become the newest academic institution ... Chain, a food safety initiative that includes IBM Research, ...
(Date:5/16/2017)...   Bridge Patient Portal , an enterprise ... EMR Systems , an electronic medical record solutions ... established a partnership to build an interface between ... Centricity™ products, including Centricity Practice Solution (CPS), Centricity ... new integrations will allow healthcare delivery networks using ...
Breaking Biology News(10 mins):