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Subsidiary of Nova Biomedical Completes Acquisition of Assets of CCS Medical's Subsidiary, Sanvita Inc.



10/8/2009 8:17:21 AM

WALTHAM, Mass., Oct. 7 /PRNewswire/ -- Nova Biomedical Corporation, a leading developer of whole blood analyzers, today announced that the company's independent, wholly owned subsidiary, Sanvita CBGM, LLC, has completed the acquisition of certain assets of Sanvita, Inc., a subsidiary of CCS Medical, Inc.

Nova Biomedical is the sole manufacturer, and through this transaction, Nova's Consumer Blood Glucose Monitoring (CBGM) subsidiary has become the exclusive distributor, of the "NovaMax" consumer blood glucose product line in the United States. The NovaMax blood glucose monitor has the fastest test time and absolutely no coding.

"We are excited to have completed the highly complementary acquisition of these assets of Sanvita, Inc., which allows our CBGM subsidiary to assume full control of the distribution of our NovaMax brand," said Francis C. Manganaro, President and Chief Executive Officer of Nova Biomedical. "We are confident that this transaction better positions Nova Biomedical and Sanvita CBGM to streamline the development and delivery of NovaMax products for the benefit of customers. Together with the recent success of Nova Biomedical's hospital glucose monitor business, StatStrip, the company is better positioned to further improve its overall glucose monitoring business. We also look forward to continuing our partnership with CCS Medical and to a seamless integration of the NovaMax distribution business into Sanvita CBGM."

Additional information regarding the transaction has been filed with the United States Bankruptcy Court for the District of Delaware and can be found at the Court's website, www.deb.uscourts.gov.

About Sanvita CBGM, LLC

Sanvita CBGM, LLC is an independent, wholly owned subsidiary of Nova Biomedical and the exclusive distributor of NovaMax products in the United States.

About Nova Biomedical

Nova Biomedical is a world leader in the development of whole blood analyzers to support the care of home based and hospitalized patients. Based upon innovative biosensor technology, Nova glucose monitors are designed for rapid and accurate measurement of patient glucose levels without coding test strips. Nova Biomedical has pioneered many advances in glucose testing and introduced its first glucose whole blood biosensor to hospitals in 1987.

Contacts:

For Nova Biomedical:

SOURCE Nova Biomedical Corporation

CONTACT: John C. Swan, Treasurer, Nova Biomedical Corporation,
+1-781-894-0800


Read at BioSpace.com


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