OrthoNetx to arrange $3 million private placement as part of merger agreement

By Sheri Kasprzak

New York, Sept. 7 - OrthoNetx, Inc. said it is arranging a $3 million private placement to satisfy a requirement of its merger with Eye Dynamics, Inc.

OrthoNetx must complete a private placement of common stock and warrants for at least $3 million in order to fulfill the requirements of the merger.

The pricing details of the offering have not yet been determined.

As part of the merger, each share of OrthoNetx will be converted into 0.86 shares of Eye Dynamics. OrthoNetx will become a wholly owned subsidiary of Eye Dynamics.

Following the merger, five members of OrthoNetx's board of directors will be appointed to the Eye Dynamics board.

Based in Superior, Colo., OrthoNetx develops medical devices used to treat degenerative bone disorders. Eye Dynamics, based in Torrance, Calif., makes devices used by police and employers to determine if someone is under the influence of alcohol or other substances.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.