Vyteris Inc. is the developer and manufacturer of the first active, ready-to-use drug delivery patch (LidoSite) to receive marketing clearance from the US Food and Drug Administration. The company’s proprietary transdermal smart patch technology, which allows for precise dosing, delivers drugs comfortably through the skin using low-level electrical energy.
The company today announced that it has executed a definite merger agreement with MediSync Bioservices Inc. A privately-held company, MediSync is focused on the consolidation of niche contract research organizations, site management organizations and related businesses within the highly fragmented $22 billion contract drug development industry.
Under terms of the agreement, MediSync will become a wholly-owned subsidiary of Vyteris. Payment will consist of about 27 million shares of Vyteris common stock to current holders of MediSync stock and debt. The CEO of Vyteris, Haro Hartounian, Ph.D, said, “The combined company represents a distinct opportunity in the life sciences industry…”
Vyteris’ stock is currently trading at $0.64, up 113% for the day on 7,329 traded shares. For further information about the company, please visit the company’s website at www.vyteris.com.
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