Skyline Medical signs definitive merger pact with CytoBioscience
Skyline Medical announced the signing of a definitive agreement to merge with CytoBioscience, a privately held biomedical company. Under the terms of the agreement, Skyline will pay the owners of CytoBioscience at closing 19.8% of the outstanding common shares, which based on today's outstanding shares would be 1,234,086 shares with a current value of approximately $1.9M, plus shares of Class C, D and E non-convertible, non-voting preferred stock with a total liquidation preference of $22.7M. The acquisition has been approved by the boards of directors of both companies and is expected to close by September 30, 2017, subject to customary conditions. Upon the closing of the acquisition, Dr. Garvin will be named President of Skyline Medical and will be appointed to the Skyline Medical board of directors. Dr. Schwartz will remain chief executive officer and a director of Skyline. CytoBioscience's 24 employees will continue to work in San Antonio and Skyline Medical's headquarters will continue to be in Minneapolis.