Escalon Moves to Acquire Drew Scientific

Holders of 67.03% of the outstanding ordinary shares of Drew Scientific Group PLC (Oxford, UK) have accepted an exchange offer for all of the company's outstanding shares made by Escalon Medical Corp. (Wayne, PA, USA).

As a result, the offer is now unconditional and will be kept open for an additional 21 days to allow those untendered holders of Drew stock to accept the offer. Escalon had offered 900,000 shares of Escalon common stock in exchange for all the ordinary shares of Drew Scientific Group, and will issue initially 603,000 shares for the tendered shares. If 90% of the shares are tendered, Escalon could acquire any remaining ordinary shares pursuant to UK law that allows compulsory acquisition of such shares. If acquired, Drew Scientific is expected to operate as a separate division of Escalon.

Drew is a diagnostics company that specializes in the design and manufacture of analytical systems for laboratory testing worldwide. The company also provides instrumentation and consumables for the diagnosis and monitoring of various medical disorders, including diabetes and cardiovascular diseases.

Escalon develops and markets ophthalmic diagnostic, surgical, and pharmaceutical products as well as vascular access devices. The company has been seeking to further diversify its product line. "The acquisition is consistent with our strategic plan to provide Escalon with another vehicle for growth,” stated Richard J. DePiano, chairman and CEO of Escalon.



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