International life sciences investment group and major shareholder of Bioxyne, today backed the Bioxyne Board in their decision to withdraw from the company’s proposed transaction with Vitality Devices (See the announcement here).
“During an extensive due diligence process, issues have come to light which indicate the transaction is now not an optimal investment for Bioxyne,” said BioScience Managers Chief Investment Officer Matt McNamara.
After publicly supporting the deal in its early stages, BioScience Managers is in complete agreement with the Bioxyne Board’s decision to withdraw following completion of rigorous due diligence.
“Transactions fall over all the time,” McNamara commented. “What is most important is that the proposed transaction provides the best outcome for the Company’s shareholders. Unfortunately, due to recent issues raised in due diligence, Vitality Devices no longer offers the best option for Bioxyne shareholders.”
“We commend the Bioxyne board for making this tough decision and will continue to work with them as they look to move the company forward.”
“We thank the Vitality Devices team for working with us during the due diligence process and wish them every success in the future.”
Corporate Affairs Director
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