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South Florida Business Journal - July 25, 2007
http://southflorida.bizjournals.com/southflorida/stories/2007/07/23/daily30.html

Frost brings another life sciences company to Miami
South Florida Business Journal - 5:01 PM EDT Wednesday, July 25, 2007by Brian Bandell
Once again, billionaire entrepreneur Dr. Philip Frost is bringing a life science company to Miami by facilitating a deal between a public shell company and a private business.

New York-based public company Cellular Technical Services Co., which Frost and his investment trust have had a 31.3 percent stake in since 2005, entered into an agreement to acquire privately held SafeStitch for about 11.3 million in newly issued shares of stock.

The members of SafeStitch will receive about 70 percent of the outstanding shares of Cellular Technical.

Frost and Dr. Jane Hsaio are both directors of Cellular Technical and members of SafeStitch. Hsaio was an executive at Ivax Corp. when Frost was chief executive officer of that company.

His Frost Group will provide Cellular Technical with a line of credit of up to $4 million in exchange for warrants to acquire 805,521 shares.

Once the transaction closes, projected to be by the end of the year, Hsaio and Richard C. Pfenniger will resign as directors of Cellular Technical.

The company will be renamed SafeStitch Medical Devices and is expected to be based in Miami, with a research and development center in Omaha, Neb.

SafeStich is an early-stage company specializing endoscopic and minimally invasive surgery for gastroesophagel reflux disorder and excision of Barrett's esophagus. The company is also developing techniques for hernia repair and natural orifice transesophageal surgery.

Frost completed a similar public/private transaction in April when he brought ophthalmology drug development company Opko to Miami and became its CEO.

Frost is also a major investor in Ladenburg Thalmann (NYSE: LTS), Capitalink LC, and Continucare Corp. (AMEX: CNU), all in Miami, and Plantation-based Dreams (AMEX: DRJ). He controls a major stake in shell company Getting Ready Corp. (OTCBB: GTRY), which plans to effect a merger or business combination with an operating company.

Cellular Technical (OTCBB: CTSC) shares closed up $1.20 to $2.82. The 52-week high was $2.55 on July 28, 2006. The 52-week low was $1.20 on Dec. 27.