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MedChem/Life Medical

This article was originally published in The Gray Sheet

Executive Summary

MedChem Products signs letter of intent to buy the assets and technology of the Sure-Closure skin stretching product line from Life Medical Sciences for $4 mil. in cash, a $500,000 interest free loan and a 10% royalty on the worldwide sales of Sure-Closure devices for the next 10 years. MedChem plans to combine its 21 Avitene microfibrillar collagen hemostat sales people with Life Medical's 24 sales reps into a single sales force. In addition, "several members" of management at Life Medical Sciences will join MedChem after the deal is closed, including LMS President and CEO Edward Quilty. Quilty replaces James Marten as MedChem President and CEO. Marten will continue as the company's chairman of the board. Life Medical says the Sure-Closure sale will enable the firm to focus on its Cariel wound healing gel technology, which entered Phase II/III trials in Europe in April 1994
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