BioScience Managers Pty Ltd (formerly Octa Phillip Bioscience Managers) today fully endorsed the move by Bioxyne Ltd (ASX:BXN) to acquire Asia Pacific medical device company, Vitality Devices Pty Ltd.
Following Bioxyne’s existing product HI-164OV failing to reach clinical trial endpoints last year, BioScience Managers, a 20+% shareholder in BXN, has been at the forefront of shareholder moves to refocus the company and its resources onto opportunities with less risk and near term ability to restore shareholder value.
BioScience Managers’, Chief Investment Officer, Matt McNamara commented, “We believe that Vitality Devices, a company with exclusive Asia Pacific rights to two innovative medical technologies and an experienced, high calibre management team, represents a great value opportunity for Bioxyne”.
“We have been particularly impressed with the quality of technologies in the current Vitality portfolio, the likelihood of the company to generate cash flow in a relatively short period of time and the potential for the company to add new technologies and territories to rapidly scale its business in the future.”
Vitality Devices Executive Chairman, Greg Collier, said “Vitality is ideally positioned to become a leader in the sales and marketing of innovative medical technologies in the Asia Pacific region. This region is often not well addressed by large multinational companies, so our core competence in developing sales channels in the region offers great potential for future expansion and sales growth.”
James Campbell, Vitality CEO, commented, “We believe an ASX-listed vehicle is the ideal way to move the Vitality Devices business forward and are pleased to be entering into this agreement with Bioxyne. We look forward to being able to explain the opportunity in more detail to Bioxyne shareholders at the upcoming general meeting.”
For further information, Bioxyne shareholders are encouraged to view the ASX announcement here.