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.
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.|
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