Ampersand to Merge with AccuMed
By HospiMedica staff writers
Posted on 10 Oct 2000
Ampersand Medical Corp. (Chicago, IL, USA) has agreed to merge with and into AccuMed International, Inc. (also in Chicago). Through an exchange of stock Ampersand would acquire significant majority control of AccuMed. The merger plan values AccuMed at around US$12 million. The combined company will operate under the Ampersand name and management.Posted on 10 Oct 2000
The merger offers significant financial benefits to Ampersand. It will allow Ampersand to eliminate cash royalty payments to AccuMed of $5 million or more and enable Ampersand to re-acquire stock and cancel a convertible note, both previously issued to AccuMed.
Ampersand's has developed a system for the early detection of cervical and other cancers called InPath, which utilizes AccuMed's AcCell technology. Ampersand has also developed telemedicine systems and an automated system for facilitating the analysis of medical samples. AccuMed products include its AcCell computer-aided microscopes and electronic imaging systems and image-analysis software.
I see significant positives in our gaining access to AccuMed's in-house product development group, which will allow us to reduce our instrument development costs and shorten the development time schedule, said Leonard R. Prange, president and CEO/COO of Ampersand.
Related Links:
Ampersand Medical Corp.
AccuMed International, Inc.
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