U.S. medical device company has agreed to buy the Israeli medical device company.
Neoprobe is expected to allocate 11.8 million shares to Biosonix's shareholders. Based on Neoprobe's Friday closing price of $0.45, the deal is worth to $5.3 million. Neoprobe's market cap comes to $12 million.
Neoprobe makes hand-held gamma radiation detection systems for use in surgery of cancer patients.
Biosonix CEO Danny Manor refused to disclose details of the deal but said that Neoprobe will providing the Israeli startup with operating capital.
Manor founded Biosonix in 1998 together with VP R&D Eli Levi and Director of Operations Roni Bibi. The company develops non-invasive ultrasound systems to measure blood flow that help surgeons measure vascular flow in real time.
The company has three main products: InFlow, for operating rooms; BioFlow, for emergency rooms; and FlowGuard, which is intended for neurosurgery, cardiac surgery, and vascular surgery. Its products have been approved for sale in Europe and await approval from the U.S. Food & Drug Administration.
Biosonix's main investor is the First Isratech Fund.