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
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|Date:||Nov 3, 1992|
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