Pyng Medical Corp. (TSX-V:PYT) has completed its acquisition of selected assets from California-based Bio Cybernetics International.
Pyng bought the trauma-related medical device assets from Bio for US$2.4 million. The deal includes Bio's TPOD, a special pelvic brace used for trauma patients, Bio's mechanical tourniquet and cricothyrotomy kit.
Part of the funds were paid upon closing and part will be depend on achieving performance milestones. The Vancouver biotech firm obtained a loan from Vancity Capital Corp. to partially fund the acquisition. Vancity received 110,000 share warrants as part of the financing.
Pyng's share price range during the past week: between $0.48 and $0.56; 52-week high: $0.95; 52-week low: $0.40.