Welcome!

News Feed Item

CytoCore to Acquire MEDITE

Combination Creates Publicly Traded Global Market Force in Cytology and Histology

ORLANDO, FL and CHICAGO, IL -- (Marketwired) -- 01/13/14 -- MEDITE Group, a leading developer of innovative, high-quality equipment and supplies for the cancer diagnostic segments of histology, pathology and cytology headquartered in Orlando, Florida, today announced that it has signed a definitive purchase agreement to be acquired by Chicago-based CytoCore, Inc. (OTCBB: CYOE), a late development stage bio molecular diagnostics company engaged in the design, development, and commercialization of cost-effective sample collection, clinical laboratory assay and instrument systems for the early detection and classification of cancer and for the assessment of the risk for cancer progression. The purchase agreement has been approved by the Board of Directors of both companies and is subject to standard and customary closing conditions and deliveries. The transaction is currently expected to close by March 15, 2014.

Under the terms of the purchase agreement, the shareholders of MEDITE will exchange all of the issued and outstanding capital stock of MEDITE in exchange for CytoCore common stock representing approximate 80% of CytoCore's issued and outstanding common stock. The new demands being placed on labs resulting from the passage of the Affordable Care Act, and the 1.6 million new cancer cases (2012) in the U.S., the combined company will leverage its expertise to continue developing new cancer diagnostic tools to improve early detection of these cancers.

"The combination of CytoCore and MEDITE creates a global force in the cytology and histology markets with the opportunity to create significant benefits for our customers and growth for our shareholders," said Michaela Ott, co-President of MEDITE. "Over the past few months, MEDITE has achieved several milestones accelerating our expansion in the U.S. markets with a number of industry leaders, while opening up new channels into China to deliver its equipment to standardize the workflow process in histology labs for digital pathology control solutions. This expanded global market presence is expected to benefit CytoCore's unique bio molecular marker product pipeline. We believe that the combined business will be well positioned to generate 50% annual revenue growth and increasing profitability for the foreseeable future."

Based on currently available information, MEDITE expects revenue of approximately $9.5 million and a profit for the full year ended December 31, 2013. MEDITE has consistently generated positive net income under the current management team, which assumed control in 2006.

"MEDITE and CytoCore are well positioned to emerge as a rapidly growing disruptive force in the multi-billion dollar global histology and cytology systems marketplace. We will immediately have a pipeline of proprietary products including high margin stains, biomarkers and consumable products, plus the partnerships and customer relationships in place to deliver these products to market. Access to the U.S. capital markets will provide us with the resources to continue to expand our business and growth prospects, while executing on our long term business plan," added Ott.

Robert McCullough, Jr, Chief Executive Officer and CFO of CytoCore, commented, "This combination positions CytoCore to benefit from MEDITE's existing business momentum and growth potential, while providing resources to commercialize the biomolecular technologies and products we have developed. We have been impressed with the quality and reliability of MEDITE's products, and in the coming quarters we anticipate transitioning several exciting products developed by CytoCore to commercial availability, further capitalizing on MEDITE's business momentum."

Upon completion of the acquisition, Michaela Ott will serve as Chief Executive Officer of the combined company, Michael Ott, currently co-President of MEDITE, will serve as President and Chief Operating Officer, and Robert McCullough, Jr. will continue to serve as Chief Financial Officer. The Company will be headquartered in Orlando, FL.

About MEDITE
The Holding MEDITE Enterprise Inc., Orlando, wholly-own Medite GmbH, a Germany-based Company with its subsidiaries CytoGlobe GmbH (Liquid-Based-Cytology Products, Germany), Medite GmbH (Distributor, Austria), Medite Inc. (Distributor, Americas). Since 1978, MEDITE® Group has specialized on the development, manufacture and distribution of medical laboratory automation equipment and supplies for pathology, histology and cytology. For these fields, the Company offers a complete range of devices and consumables. MEDITE Group currently sells into 70 countries and is the market leader in Germany. Through CytoGlobe, a wholly owned subsidiary, MEDITE offers a full range of products for Cytology labs, specifically liquid based cytology cancer screening supplies and instruments. Additional information on MEDITE's products and services can be found at www.medite-group.com.

About CytoCore, Inc.
CytoCore®, Inc. is a biomolecular diagnostics company engaged in the design, development, and commercialization of cost-effective cancer screening systems and Biomarkers to assist in the early detection of cancer. CytoCore® is currently focused on the design, development, and marketing of its CytoCore Solutions™ System and related image analysis platform. The CytoCore Solutions™ System and associated products are intended to detect, classify and assess the risk of progression of cancer and cancer-related diseases, and may be used in a laboratory, clinic, or doctor's office. Recently developed cancer bio markers are in preparation for a clinical study.

This press release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, regarding future operating performance, events, trends and plans. All statements other than statements of historical fact contained herein, including, without limitation, statements regarding our future financial position, business strategy, budgets, projected revenues and costs, and plans and objectives of management for future operations, are forward-looking statements. Forward-looking statements generally can be identified by the use of forward-looking terminology such as "may," "will," "expects," "intends," "plans," "projects," "estimates," "anticipates," or "believes" or the negative thereof or any variation thereon or similar terminology or expressions. We have based these forward-looking statements on our current expectations and projections about future events. These forward-looking statements are not guarantees and are subject to known and unknown risks, uncertainties and assumptions about us that may cause our actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by such forward-looking statements. Important factors that could cause our actual results to differ from our expectations, include but are not limited to, MEDITE's ability following the acquisition to maintain and grow its revenues, our ability to integrate MEDITE's operations with our historic operations, the effect that the acquisition will have on MEDITE's existing customers and employees as well as those risk factors that apply to our operations as disclosed in Item 1A of our Report on Form 10-K for the year ended December 31, 2012 and other filings with the Securities and Exchange Commission. Readers are cautioned not to place undue reliance on our forward-looking statements, as they speak only as of the date made. Such statements are not guarantees of future performance or events and we undertake no obligation to disclose any revision to these forward-looking statements to reflect events or circumstances occurring after the date hereof.

Contact Information:

EVC Group
Investor Contact:
Doug Sherk
415-652-9100

Michael Polyviou
212-850-6020

Media Contact:
Janine McCargo
646-688-0425

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
No hype cycles or predictions of zillions of things here. IoT is big. You get it. You know your business and have great ideas for a business transformation strategy. What comes next? Time to make it happen. In his session at @ThingsExpo, Jay Mason, Associate Partner at M&S Consulting, presented a step-by-step plan to develop your technology implementation strategy. He discussed the evaluation of communication standards and IoT messaging protocols, data analytics considerations, edge-to-cloud tec...
In his keynote at 18th Cloud Expo, Andrew Keys, Co-Founder of ConsenSys Enterprise, provided an overview of the evolution of the Internet and the Database and the future of their combination – the Blockchain. Andrew Keys is Co-Founder of ConsenSys Enterprise. He comes to ConsenSys Enterprise with capital markets, technology and entrepreneurial experience. Previously, he worked for UBS investment bank in equities analysis. Later, he was responsible for the creation and distribution of life settl...
In his session at @ThingsExpo, Dr. Robert Cohen, an economist and senior fellow at the Economic Strategy Institute, presented the findings of a series of six detailed case studies of how large corporations are implementing IoT. The session explored how IoT has improved their economic performance, had major impacts on business models and resulted in impressive ROIs. The companies covered span manufacturing and services firms. He also explored servicification, how manufacturing firms shift from se...
For far too long technology teams have lived in siloes. Not only physical siloes, but cultural siloes pushed by competing objectives. This includes informational siloes where business users require one set of data and tech teams require different data. DevOps intends to bridge these gaps to make tech driven operations more aligned and efficient.
IoT is at the core or many Digital Transformation initiatives with the goal of re-inventing a company's business model. We all agree that collecting relevant IoT data will result in massive amounts of data needing to be stored. However, with the rapid development of IoT devices and ongoing business model transformation, we are not able to predict the volume and growth of IoT data. And with the lack of IoT history, traditional methods of IT and infrastructure planning based on the past do not app...
For organizations that have amassed large sums of software complexity, taking a microservices approach is the first step toward DevOps and continuous improvement / development. Integrating system-level analysis with microservices makes it easier to change and add functionality to applications at any time without the increase of risk. Before you start big transformation projects or a cloud migration, make sure these changes won’t take down your entire organization.
It is ironic, but perhaps not unexpected, that many organizations who want the benefits of using an Agile approach to deliver software use a waterfall approach to adopting Agile practices: they form plans, they set milestones, and they measure progress by how many teams they have engaged. Old habits die hard, but like most waterfall software projects, most waterfall-style Agile adoption efforts fail to produce the results desired. The problem is that to get the results they want, they have to ch...
Organizations planning enterprise data center consolidation and modernization projects are faced with a challenging, costly reality. Requirements to deploy modern, cloud-native applications simultaneously with traditional client/server applications are almost impossible to achieve with hardware-centric enterprise infrastructure. Compute and network infrastructure are fast moving down a software-defined path, but storage has been a laggard. Until now.
Without a clear strategy for cost control and an architecture designed with cloud services in mind, costs and operational performance can quickly get out of control. To avoid multiple architectural redesigns requires extensive thought and planning. Boundary (now part of BMC) launched a new public-facing multi-tenant high resolution monitoring service on Amazon AWS two years ago, facing challenges and learning best practices in the early days of the new service.
Digital Transformation is much more than a buzzword. The radical shift to digital mechanisms for almost every process is evident across all industries and verticals. This is often especially true in financial services, where the legacy environment is many times unable to keep up with the rapidly shifting demands of the consumer. The constant pressure to provide complete, omnichannel delivery of customer-facing solutions to meet both regulatory and customer demands is putting enormous pressure on...
The best way to leverage your CloudEXPO | DXWorldEXPO presence as a sponsor and exhibitor is to plan your news announcements around our events. The press covering CloudEXPO | DXWorldEXPO will have access to these releases and will amplify your news announcements. More than two dozen Cloud companies either set deals at our shows or have announced their mergers and acquisitions at CloudEXPO. Product announcements during our show provide your company with the most reach through our targeted audienc...
With 10 simultaneous tracks, keynotes, general sessions and targeted breakout classes, @CloudEXPO and DXWorldEXPO are two of the most important technology events of the year. Since its launch over eight years ago, @CloudEXPO and DXWorldEXPO have presented a rock star faculty as well as showcased hundreds of sponsors and exhibitors!
DXWorldEXPO LLC announced today that All in Mobile, a mobile app development company from Poland, will exhibit at the 22nd International CloudEXPO | DXWorldEXPO. All In Mobile is a mobile app development company from Poland. Since 2014, they maintain passion for developing mobile applications for enterprises and startups worldwide.
JETRO showcased Japan Digital Transformation Pavilion at SYS-CON's 21st International Cloud Expo® at the Santa Clara Convention Center in Santa Clara, CA. The Japan External Trade Organization (JETRO) is a non-profit organization that provides business support services to companies expanding to Japan. With the support of JETRO's dedicated staff, clients can incorporate their business; receive visa, immigration, and HR support; find dedicated office space; identify local government subsidies; get...
"Akvelon is a software development company and we also provide consultancy services to folks who are looking to scale or accelerate their engineering roadmaps," explained Jeremiah Mothersell, Marketing Manager at Akvelon, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.