PetVivo Holdings, Inc. (OTCQB: PETV) announced today it has entered into a binding term sheet for a merger with Gel-Del Technologies, Inc. Under the agreed upon terms Gel-Del will merge with PetVivo Holdings, Inc. and upon resolution of certain conditions specified as terms, a definitive agreement will consummate the merger.
Gel-Del Technologies CEO Dr. David Masters stated, "I am excited to see our companies join forces to facilitate the commercialization of our innovative medical devices in both the veterinary and clinical markets. This merger also allows our shareholders to be rewarded for their patience."
"This is a great opportunity for both Gel-Del and PetVivo. Gel-Del can benefit from PetVivo's access to capital and short-term product revenues," noted PetVivo CEO John Lai. "In addition, PetVivo will also gains access to Gel-Del's full range of devices and drug delivery products while also improving margins."
"The pending merger of these two companies provides a tremendous boost to the intellectual property position of PetVivo Holdings, Inc.," explained John F. Dolan, General Counsel of PetVivo. "Gel-Del has an extensive patent portfolio including approximately thirty-five patents and patent applications filed in the United States and internationally, as well as having well documents trade secrets that protect the various products and processes PetVivo intends to commercialize. The merger of the companies has the potential to exponentially increase PetVivo's proprietary position in the veterinary and human medical device markets."
Details of the merger have been filed by PetVivo Holdings with the Securities and Exchange Commission and can be found on Edgar.
About Gel-Del Technologies, Inc:
Gel-Del Technologies (www.gel-del.com) is a biomaterial and medical device manufacturing company based in St. Paul, Minnesota. The Company has completed a licensing agreement with PetVivo Holdings, Inc. (OTCQB: PETV) to commercialize its veterinary medical devices for the treatment of osteoarthritis. The Company has also successfully completed a pivotal clinical trial using their novel thermoplastic biomaterial as a dermal filler for human cosmetic applications (clinicaltrials.gov NCT00414544).
Gel-Del's core competencies are developing and manufacturing medical devices containing its proprietary thermoplastic protein-based biomaterials that mimic the body's tissue to allow integration, tissue repair, and regeneration for long-term implantation. These biomaterials are produced using a patented and scalable self-assembly production process. The inherent thermoplastic properties of these biomaterials are then utilized to manufacture or coat implantable devices.
About PetVivo Holdings, Inc.:
PetVivo, Inc. is a wholly owned subsidiary of PetVivo Holdings, Inc. (OTCQB: PETV) based in Minneapolis, Minnesota. PetVivo is an emerging biomedical device company focused on the licensing and commercialization of innovative medical devices and other therapeutics for pets.
PetVivo, Inc. believes that it can leverage the investments in the human bio-materials and medical device industries to commercialize therapeutics to pets in a capital and time efficient way. PetVivo's strategy is to in-license proprietary products from human medical device companies specifically for use in pets. A key component of this strategy is the accelerated timeline to revenues for veterinary medical devices, which enter the market much earlier than the more stringently regulated pharmaceuticals.
The fore-going material may contain forward-looking statements. We caution that such statements may be subject to uncertainties and that actual results could differ materially from the forward-looking statements. Readers accordingly should not place undue reliance on these forward-looking statements, which do not reflect unknown or unanticipated events or circumstances occurring after the date of these forward-looking statements.
David B. Masters, Ph.D.
Chief Executive Officer
Gel-Del Technologies, Inc.
Chief Executive Officer
PetVivo Holdings, Inc.
SOURCE: PetVivo Holdings, Inc.