PORTLAND, Ore., Jan. 15, 2016 /PRNewswire/ -- HemCon Medical Technologies, Inc. ("HemCon") announced today that it is transitioning to new ownership though a Court protected transaction. HemCon is an advanced wound care company focused on development, innovation and marketing of innovative wound care technologies for hemostasis, wound closure and antibacterial efficacy.
The asset sale is designed to attract new ownership and adequate capitalization into the company to ensure viability into the future. The business will continue normal operations, maintaining its flow of life-saving products without disruption of service to its customers, while implementing the acquisition process through Section 363 of Title 11 of the United States Code leading to new ownership. Buying terms and starting bidding price have been set in an Asset Purchase Agreement between Tricol International Group Limited and HemCon.
"Putting HemCon through a structured sale process is a necessary step and the most effective means by which we can give HemCon the best chance of future sustainability: allowing key interested parties to obtain ownership of HemCon's assets, intellectual properties and life-saving products through the security of the Court process," said Michael Wax, President and CEO of HemCon. "HemCon and its core products will be in a stronger financial position."
Meanwhile to lay the ground-work for continued longevity, in the past year HemCon has successfully outsourced and validated its manufacturing operations to leading sub-contractors in the U.S. and has recently obtained extended Indications for Use claims for their lyophilized chitosan bandage family around efficacy on anticoagulated patients and the dressings' antibacterial barrier effect against a wide range of microorganisms, including MRSA, VRE and C. difficile. HemCon is supporting the U.S. introduction a new hemostatic dressing designed specifically for hemodialysis; is ramping up for a product introduction into the radial catheterization and radiology market, all while continuing sales of the existing product lines into the U.S., Canada, Europe, the middle East, Japan, South Korea and most recently China.
HemCon Medical Technologies, Inc. (www.hemcon.com) founded in 2001, develops and markets innovative technologies that address wound care from closure to treatment. HemCon products are designed for medical professionals in hospital, dental and clinical settings, as well as by military and civilian first responders where rapid control of bleeding is of critical importance. HemCon is headquartered in Portland, Ore., with additional commercial operations in Ireland and the Czech Republic.
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SOURCE HemCon Medical Technologies