This merger news should really make SKLN run huge above any day now! The Company expects to complete the merger by October 31, 2017.
Skyline Medical Provides Update on Pending Merger with CytoBioscience
•September 29, 2017
MINNEAPOLIS, Sept. 29, 2017 (GLOBE NEWSWIRE) -- Skyline Medical Inc. (SKLN) (“Skyline” or “the Company”), producer of the FDA-approved STREAMWAY® System for automated, direct-to-drain medical fluid disposal, provides an update on progress toward completing its merger with CytoBioscience.
The Company has submitted all necessary paperwork to NASDAQ for review, subject to additional financial and due diligence documentation being provided by third parties that is expected to be submitted in the coming weeks. The Company expects to complete the merger by October 31, 2017.
Additionally, Skyline is pleased with our marketing strategy that we implemented starting in the second half of 2016 under our new management team, and with the continued progress we made in the third quarter. The Company expects to report third quarter financial results by mid-November. Skyline has recently focused our marketing message on STREAMWAY’s competitive advantages with infection control and our particular utility in radiology procedures. The Company has participated in important national and local radiology conferences, and has received the support and validation of major Group Purchasing Organizations.
Skyline is in dialogue with numerous potential customers including those with multi-hospital networks, as well as a hospital that could serve as a Center of Excellence to facilitate observation of procedures involving STREAMWAY by prospective customers. In addition, the Company is pursuing distribution agreements in Europe and Canada, and expects to have one or more agreements in place during the fourth quarter.
“We have worked very hard with limited staff and a tight budget to raise awareness of STREAMWAY’s capabilities and safety features, and our efforts are beginning to show results,” said Dr. Carl Schwartz, Skyline’s chief executive officer. “STREAMWAY placements late in the third quarter, combined with the acceleration of interest we are now seeing, is extremely gratifying. With an improving outlook for our STREAMWAY business, along with the imminent completion of the merger with CytoBioscience, our comfort level for the future of Skyline and its growth prospects have never been stronger.”
About the STREAMWAY System
Skyline's revolutionary, FDA-cleared STREAMWAY System is the first true direct-to-drain fluid disposal system designed specifically for medical applications, such as radiology, endoscopy, urology and cystoscopy procedures. It connects directly to a facility's plumbing system to automate the collection, measurement and disposal of waste fluids. As of June 30, 2017, Skyline Medical customers have installed 103 STREAMWAY Systems in 52 facilities across 20 states, and in Canada.
The STREAMWAY minimizes human intervention for better safety and improves compliance with Occupational Safety and Health Administration (OSHA) and other regulatory agency safety guidelines. It also provides unlimited capacity for increased efficiency in the operating room, which leads to greater profitability. Furthermore, the STREAMWAY eliminates canisters to reduce overhead costs and provides greater environmental stewardship by helping to eliminate the approximately 50 million potentially disease-infected canisters that go into landfills annually in the U.S. For a demonstration please visit www.skylinemedical.com or call 855-785-8855.
