Printer Friendly

AORTECH, INC. TERMINATES NEGOTIATIONS TO ACQUIRE ORGANETICS, LTD.

 AORTECH, INC. TERMINATES NEGOTIATIONS TO ACQUIRE ORGANETICS, LTD.
 MINNEAPOLIS, Nov. 3 /PRNewswire/ -- AorTech, Inc. (NASDAQ: AORT) announced today it has terminated negotiations to acquire privately owned Organetics, Ltd. of Minneapolis.
 Robert J. Keyport, AorTech's CEO, said that protracted negotiations were not progressing satisfactorily towards a formula for the business combination that would be in the best interest of AorTech's shareholders. "Our due diligence efforts support our initial interest in the rapidly developing area of hyperthermia-based systems and technologies for the treatment of autoimmune and infectious diseases, including AIDS. However, we have been approached to evaluate a number of new technologies available or under development for this application. At present, we are aggressively evaluating alternative treatment processes for which assets could be redeployed in the near term."
 AorTech's announcement immediately follows the company's announcement of the cash sale of its existing heart valve products to the principals of Caledonian Medical of Scotland.
 -0- 11/03/92
 /CONTACT: Robert J. Keyport (CEO), AorTech, 612-481-1208, or Tom de Petra of de Petra & Associates, 612-338-7630, for AorTech/
 (AORT) CO: AorTech, Inc.; Organetics, Ltd. ST: Minnesota IN: MTC SU: TNM


KH -- MN008 -- 2061 11/03/92 12:23 EST
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Nov 3, 1992
Words:194
Previous Article:COLTEC ANNOUNCES INTENTION TO SELL CENTRAL MOLONEY
Next Article:NFPA'S POSITION ON THE NUTRITION LABELING AND EDUCATION ACT
Topics:


Related Articles
AORTECH SELLS ASSETS OF A-1 ENGINEERING DIVISION
AORTECH INCLUDED ON LIST OF MARGINABLE SECURITIES
BEI ELECTRONICS HALTS NEGOTIATIONS TO ACQUIRE ORTHOPEDIC SYSTEMS INC.
AORTECH HIRES GENERAL MANAGER, E.A.M.E. AND MEDICAL DIRECTOR IN EUROPE
AORTECH ENTERS INTO LETTER OF INTENT TO ACQUIRE ORGANETICS, LTD.
AORTECH, INC. AND ORGANETICS, LTD. CONTINUE ACQUISITION NEGOTIATION
AORTECH, INC. DIVESTS EXISTING HEART VALVE PRODUCTS; FORMER CEO RESIGNS AS PRESIDENT AND DIRECTOR
AORTECH, INC. DESCRIBES SALE OF HEART VALVE BUSINESS
AORTECH FILES PROXY STATEMENT
IDC'S VIROTECH UNIT EXECUTES LETTER OF INTENT WITH ORGANETICS, LTD.

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters