Telechem Merges with Publicly Traded Communications Firm in $23M Deal
Telechem International, the microarray and scanner manufacturer also known as Arrayit, has signed a definitive agreement to merge with publicly traded digital communications firm Integrated Media Holdings in a deal worth roughly $23.1 million.
Houston-based Integrated Media Holdings currently trades on the OTC Bulletin Board, and at the close of the market yesterday traded at $.022 per share. However, IMH’s board has approved a 1-for-30 reverse split of the stock, which would up its price to $.66 per share.
IMH agreed to acquire Telechem in exchange for 35 million post-split shares, which gives the transaction a value of $23.1 million. As a result of the merger, shareholders of privately held Telechem will own 64.95 percent of the outstanding shares of the merged company.
It is unclear whether the combined entity will retain IMH’s name or Telechem’s name.
“We believe this will enhance our ability to access capital and further the growth strategy as a leader in the biotech niche we serve,” Rene Schena, CEO of Sunnyvale, Calif.-based Telechem, said in a statement.
Schena said that being public has been “a long-term goal of the company” and that Telechem will be unveiling its strategic plan over the next few weeks.
As a public company, our plans and funding potential opportunities are confidential,” Schena said. “We are very optimistic, and once our story is told, we believe our stock will be appropriately valued."
Telechem declined to answer further questions about the merger.
Baylor, Miami to Use Nanostring’s Barcode Gene-Expression Systems
Nanostring Technologies has placed two of its barcode-based gene expression-analysis systems in research labs at the University of Miami’s Miller School of Medicine and at the Baylor College of Medicine, the company said this week.
The Seattle, Wash.-based company said that the two Early Access nCounter Analysis Systems will be the final instruments sold before it launches its commercial marketing program this week at the Association for Biomolecular Research Facilities conference in Salt Lake City. The firm noted that it is currently taking orders for the systems.
Under the early-access program, the systems will be used at the Baylor College of Medicine’s Microarray Core Facility in Houston and at the Sylvester Comprehensive Cancer Center at Miami’s Miller School of Medicine.
The company’s digital barcode technology uses single molecule imaging to detect and count unique transcripts in a single reaction. The company said it is suited for researchers who are working with “small amounts of starting material or studying defined gene sets.”
Financial terms of the agreements were not released.