12/02/2008 - 15:53

C3, Visiomed merger gets green light

12/02/2008 - 15:53

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The Federal Court in Perth has today given approval to the merger of Clinical Cell Culture Ltd and Visiomed Group Ltd, the last legal hurdle after Visiomed shareholders unanimously voted in favour of the schemes at a meeting last week.

The Federal Court in Perth has today given approval to the merger of Clinical Cell Culture Ltd and Visiomed Group Ltd, the last legal hurdle after Visiomed shareholders unanimously voted in favour of the schemes at a meeting last week.

C3 chief executive Andrew Cannon said the merger of the two organisations would place both companies in a stronger position for growth.

"As a merged entity, we are now a more financially robust medical device group with a stronger balance sheet, better cashflows and an outstanding line of products."

"With the merger now complete, the board of the merged entity can now move forward to confirm the corporate and growth strategy moving forward."

Visiomed chief executive Bill Dolphin said the partnership would create a more attractive investment for shareholders of both organisations.

"The overwhelming support we have received throughout the process indicates to us that our shareholders recognise the outstanding opportunity this merger presents," said Dr Dolphin.

On February 13, 2008, Visiomed intends to lodge a copy of the court order approving the scheme of arrangement with the Australian Securities & Investments Commission.

The schemes will become legally effective and Visiomed shares will be suspended from trading on the ASX after close of trading on February 13, 2008.

C3 develops and distributes tissue-engineered products for the treatment of wounds and other skin defects.

Using proprietary tissue-culture/collection technology, C3 is able to provide innovative treatment solutions derived
from the patients own skin, to enhance healing rates, reduce scar formation and reintroduce pigmentation into the skin.

Its flagship product, ReCellĀ® is a stand-alone, rapid cell harvesting device that is approved for sale in Australia, Brazil, Canada, Chile, Croatia, European Union, Hong Kong, Israel, Japan, Malaysia, New Zealand, Norway, Singapore, South Africa, Switzerland and Turkey.

The company is currently focused on securing FDA approval for sale of the product in the USA.

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