Targeted Acquisition Part of Company's Continuing International Corporate Expansion
London, Dec 13, 2012 AEST (ABN Newswire) - Healthcare specialist Westhouse Medical Services Plc (
5WM:FRA) is pleased to announce that following its announcement of its acquisition of 52% of the issued share capital of Quy Biosciences Limited (Quy) through private placement in November 2012, Westhouse has now acquired a further 47.5% of the issued share capital of Quy. The outstanding 0.5% of Quy issued share capital will be transfer to Westhouse under drag and tag rules, giving Westhouse 100% of the Quy issued share capital and making it a wholly owned subsidiary.
The acquisition values Quy at GBP3.25m.
Quy develop clinical products and services in the regenerative medicine field. Quy are conducting and collaborating on research into wound healing technologies which will lead to further pioneering products in the regenerative medicine field through stem cell therapy and allow the company to further develop the technology for human patients.
Westhouse is also currently developing a number of medical devices, including BreastCheck - a new low-cost, non-invasive breast cancer screening product which can act as a precursor to mammogram scanning. BreastCheck is due for launch in 2013.
Westhouse recently acquired from US-listed Sunridge International via. Sunridge's subsidiary, Ophthalmic International Inc, a glaucoma procedure called PNT, which could revolutionise the way glaucoma is treated globally.
WESTHOUSE MEDICAL SERVICES PLC
SYMBOL: 5WM
WKN: A1JKH7
ISIN: GB00B6YWDK49
SEDOL: B6YWDK4
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Contact
For press information, contact:
Global Press and Public Relations:
Gabriel Luca
Wedgewood Communications
60 Madison Avenue
Suite 1212
New York
NY 10010 USA
Tel: +1 646 592 7559
westhouse@wwprnews.com
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