Alliqua BioMedical, Inc. (“Alliqua” or “the Company”), a provider of advanced wound care products, today announced that it has signed a definitive agreement to acquire Celleration, Inc. (“Celleration”) for an initial purchase price of approximately $30.4 million, which is comprised of both cash and stock. The merger agreement provides for additional contingent payments in stock and cash, under certain circumstances, if stated revenue thresholds are reached over the next two years ending December 31, 2016 or if certain milestones are satisfied in connection with product sales in the U.K.
Celleration is a privately held medical device company, based in Eden Prairie, Minnesota, which is focused on developing and commercializing the MIST Therapy® therapeutic ultrasound platform for the treatment of acute and chronic wounds. Celleration’s MIST Therapy System is an FDA 510(k) cleared device that uses painless, noncontact low-frequency ultrasound to stimulate cells below the wound bed in order to promote the healing process. Celleration generated total revenue of approximately $8.7 million during its fiscal year ended December 31, 2014. Since Celleration’s MIST Therapy System was commercialized in 2005, MIST therapy has been performed more than 1.2 million times on over 85,000 patients in the U.S. and the U.K.
Read more at GlobeNewswire.