Sanuwave Health (OTC:SNWV) announced that it entered into an exclusive agreement to acquire Celularity’s UltraMist ultrasound healing therapy platform.
The non-binding letter of intent includes the acquisition of UltraMist and exclusive partnership rights for Celularity’s wound care biologic products, according to a news release. Celularity develops allogeneic cellular therapies engineered from postpartum human placenta, in cancer, infectious disease and degenerative disease. Along with the products, 25 wound care professionals are set to join Sanuwave from Celularity.
Suwanee, Ga.-based Sanuwave expects the transaction to close next month and will provide funding for the acquisition with funded term debt and equity. Existing Sanuwave shareholders, directors and officers have committed over $5 million at 25¢ per share to assist.
Sanuwave engaged William Blair for investment banking services to arrange, negotiate and assist in the placement of debt capital for the transaction. William Blair is in advanced discussions with lenders for the debt capital.
“UltraMist and the Celularity wound care biologic products, Biovance and Interyl, are excellent complements to our DermaPace system,” Sanuwave CEO Kevin Richardson said
in the release. “The contemplated acquisition would bolster our advanced wound care portfolio and support our growth strategy to offer comprehensive advanced wound care solutions to improve clinical outcomes across the care pathway. The UltraMist device is already established in over 900 wound care clinics and Sanuwave will leverage its sales team to accelerate the penetration of DermaPace into those facilities.”