Proceeds to be used to complete corporate rebranding, accelerate acquisition pipeline, and attract additional investment
TAMPA, FL / ACCESSWIRE / October 3, 2023 / Innoveren Scientific Inc. (OTCQB:IVRN) ("Innoveren" or the "Company"), a life science company focused on becoming a leading biotech incubator, announced today that it completed the divestiture of a medical device used in spinal surgeries to a leading international medical device distributor for total net proceeds of approximately $869,000 post-closing conditions. The purchase price also includes a three percent royalty stream on the commercialization of the product by its new owner, which will be applied on the sale of any products derived from the intellectual property from the sixth anniversary of the transfer to the tenth anniversary.
The device helps patients with Facet Joint Syndrome, which is an arthritis-like condition of the spine that causes back and neck pain. The device was originally included as part of the Company's clinical operations in the autologous infusion therapy business, all of which have been closed as of mid-2022.
"Our team searched for a partner that could support the commercialization of this innovative device, and through this transaction partner, we've found the ideal solution and structure," said Michael Yurkowsky, Innoveren's Chief Executive Officer. "The device has the potential to bring relief to patients who have complications of Facet Joint Syndrome and need spinal surgery, and our new partner strongly believes in the product's potential and is well-positioned to invest in its commercial development and future marketing."
Yurkowsky concluded, "Separately, the capital infusion we received today will allow us to advance our rebranding efforts and acquisition pipeline as we look to transform Innoveren into a leading life science and biotech incubator. Further, the long-term royalty stream associated with this transaction has the potential to be significant, which should help us attract future investment and fund future development opportunities."
About Innoveren Scientific Inc.
Innoveren Scientific Inc., formerly known as H-CYTE, Inc. is a life science and biotech incubator company, focused on advancing new technologies in areas of unmet need across multiple indications, with the ultimate goal of improving patient lives. The company invests in and fosters innovative technologies that are supported by a strong scientific foundation, which have relatively short timelines and low costs to achieve meaningful value inflection points. For more information about Innoveren, please visit www.InnoverenScientific.com.
Safe Harbor Statement
Certain statements in this press release constitute "forward-looking statements" within the meaning of the federal securities laws. Words such as "may," "might," "will," "should," "believe," "expect," "anticipate," "estimate," "continue," "predict," "forecast," "project," "plan," "intend" or similar expressions, or statements regarding intent, belief, or current expectations, are forward-looking statements. While Innoveren believes these forward-looking statements are reasonable, undue reliance should not be placed on any such forward-looking statements, which are based on information available to us on the date of this release. These forward-looking statements are based upon current estimates and assumptions and are subject to various risks and uncertainties, including without limitation those outlined in Innoveren's filings with the SEC, including but not limited to Risk Factors relating to its business contained therein. Thus, actual results could be materially different. Innoveren expressly disclaims any obligation to update or alter statements whether as a result of new information, future events or otherwise, except as required by law.
Innoveren Investor Contact:
Alpha IR Group
SOURCE: Innoveren Scientific Inc.
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