Wednesday, July 9, 2008

ULURU to Acquire Bio Med Sciences for $10M

Addison, Texas-based biomedical research firm ULURU Inc. announced Wednesday that it has agreed to purchase Bio Med Sciences Inc. for $10 million. Bio Med is a privately held company specializing in the development of wound care, burn care and scar management products. ULURU said the $10 million will be paid in two installments—$7 million at closing and $3 million six months after closing. Additionally, ULURU said it reserves the right to pay up to $3 million of the total purchase price in ULURU common stock. Otherwise, the company said it will fund the transaction with internal funds and with revolving and term debt. The deal is subject to customary closing conditions, including Bio Med shareholder approval, ULURU added.