Vyteris, a developer of the first FDA-approved active transdermal patch and an innovator in alternative drug delivery technology, has signed a definite merger agreement with MediSync BioServices, under which MediSync will become a wholly subsidiary of Vyteris.
MediSync is a privately held company focused on the consolidation of niche contract research organizations, site management organizations, and related businesses.
MediSync’s current and planned services include product development, clinical trial management, and data management services for the pharma, biotechnology and medical device industries.
Upon closing of the transaction, two additional MediSync directors will be appointed to Vyteris’ board of directors. Two of Vyteris’ current directors, Eugene Bauer and Joel Kanter, are directors of and own minority positions in MediSync, and are the source of introduction of the opportunity to Vyteris.
Vyteris CEO Haro Hartounian said that MediSync provides them with the opportunity to broaden their corporate strategy, bringing both a revenue platform that limits their longer-term capital requirements and execution expertise to more rapidly develop their pipeline products.
Closing of the merger transaction is subject to consent by shareholders of Vyteris holding a majority of the issued and outstanding common stock of Vyteris owned by non-affiliates of MediSync.