FORT WORTH, TX / ACCESSWIRE / March 18, 2019 / WNDM Medical Inc. (OTCQB: WNDM)
Based in Fort Worth, Texas, WNDM Medical Inc. (WNDM) a provider of surgical and chronic wound care products dedicated to improving patient outcomes, announced the acquisition of the remaining 50% interest in Cellerate, LLC not owned by WNDM. The acquisition was made from an affiliate of The Catalyst Group, Inc. (CGI) of Houston, Texas in exchange for the issuance of 1,136,815 shares of WNDM's newly created Series F Convertible Preferred Stock. As of the transaction effective date of March 15, 2019, WNDM now owns 100% of Cellerate, LLC, and as a wholly owned subsidiary will report its operations and financial results on a consolidated basis.
Following the closing of this transaction, Mr.Ron Nixon, Founder and Managing Partner of CGI, was elected to WNDM's Board of Directors. Mr. Nixon currently serves on the board of directors for publicly traded LHC Group, Inc., Trilliant Surgical, LLC, Rochal Industries, LLC, Triad Life Sciences, Inc. and several other privately held companies. Mr. Nixon holds a bachelor's degree in mechanical engineering from the University of Texas at Austin and is a registered professional engineer in Texas.
WNDM will continue its growth strategy to expand the distribution of CellerateRX® Activated Collagen® Products as well as continuing its strategic focus in biofilm management, placental biologics, negative pressure wound therapy adjunct products, debridement, and oxygen delivery systems to the wound bed.
On March 13, WNDM established a new series of preferred stock consisting of 1,200,000 shares of Series F Convertible Preferred Stock, par value of $10.00 per share. Each share of Series F Convertible Preferred Stock may be converted at the option of the holder, at any time, into 200 shares of common stock. Additionally, each holder of Series F Convertible Preferred Stock is entitled to vote on all matters submitted for a vote of WNDM's shareholders with votes equal to the number of shares of common stock into which such holder's Series F shares could then be converted. The Series F Convertible Preferred Stock is senior to the Company's common stock as to the payment of dividends (if any) and the distribution of assets. Upon liquidation of WNDM, holders of Series F Convertible Preferred Stock are entitled to a liquidation preference of $5 per share.
The Catalyst Group currently has ownership interests in several companies in the healthcare industry including: Trilliant Surgical, LLC, a Houston based company that manufactures and distributes innovative podiatric implant products for the lower extremity market; Rochal Industries, LLC, a San Antonio based research and development company with expertise in wound and skin care; and Triad Life Sciences Inc., a Memphis based emerging biotechnology company that develops, manufactures and distributes novel bioactive regenerative materials to address unmet market needs for cost-effective and efficacious therapies to treat acute and chronic wound conditions. WNDM currently has a distribution agreement with Trilliant and intends to enter into agreements with the other companies to provide additional cross-selling opportunities through new product introductions in the wound care, skin care, acute and post-acute markets.
"The Catalyst Group is an outstanding partner, and through relationships with CGI affiliates WNDM has already benefitted from the expansion of our sales reach and a soon to be launched antimicrobial product focused on biofilm management in surgical and chronic wounds," said Mike Carmena, WNDM CEO. "We are looking forward to an even stronger relationship going forward," added Carmena.
"We are mutually committed to improving patient outcomes while delivering value to the WNDM shareholders. We are excited about future growth opportunities at WNDM," said Mr. Nixon.
About WNDM Medical Inc.
With our focus on improving patient outcomes with evidenced-based healing solutions, WNDM Medical Inc. develops, markets and distributes biotechnology products to physicians, hospitals, clinics and all post-acute care settings. We are constantly seeking long-term strategic partnerships with a focus on products that produce more efficacious outcomes at a lower overall cost. Our primary products are sold in the North American advanced wound care and surgical tissue repair markets. WNDM Medical sells and distributes CellerateRX®/CRXa® Surgical Activated Collagen® Adjuvant and HemaQuell® Resorbable Bone Hemostat. For more information, visit WNDM.com.
Information about Forward-Looking Statements
The statements in the press release that relate to the Company's expectations with regard to the future impact on the Company's results from new products in development and any other statements not constituting historical facts are "forward-looking statements," within the meaning of and subject to the safe harbor created by the Private Securities Litigation Reform Act of 1995. Since this information may contain statements that involve risk anduncertainties and are subject to change at any time, the Company's actual results may differ materially from expected results. This document may contain forward-looking statements concerning the Company's operations, current and future performance and financial condition. These items involve risks, contingencies and uncertainties such as product demand, market and customer acceptance, the effect of economic conditions, competition, pricing, the ability to consummate and integrate acquisitions, and other risks, contingencies and uncertainties detailed in the Company's SEC filings, which could cause the Company's actual operating results, performance or business plans or prospects to differ materially from those expressed in, or implied by these statements. The Company undertakes no obligation to revise any of these statements to reflect the future circumstances or the occurrence of unanticipated events.
SOURCE: WNDM Medical Inc.