BRANCHBURG, NJ--(MARKET WIRE)--Feb 24, 2009 -- Hydromer, Inc.
(OTC BB:HYDI.OB - News) announces the
sale of the Endoscopic Bipolar Coagulation probe and Biliary
Stent business
by its wholly owned subsidiary, Biosearch Medical Products,
Inc.
("Biosearch"), to Merit Medical Systems, Inc. ("Merit")
for $1.6 million in
cash. The agreement also calls for the assignment of existing
BMPI /
customer supply agreements to Merit and a seven-year
non-compete provision. Until the date when Merit is able
to independently
manufacture the products, Biosearch will continue to manufacture
the
products at an agreed upon transfer price. In addition, a separate supply agreement has been entered
between the two
parties for Hydromer® hydrophilic coating solution
used on those
products. "We are very pleased about the business relationship we
have entered with
Merit Medical Systems, Inc.," stated Martin C. Dyck, President
of Biosearch
and Executive Vice President of Hydromer, Inc., adding,
"This transaction
is part of Hydromer, Inc.'s long-term focus on its strategic
core of the
medical and animal health business while strengthening its
Balance Sheet
and liquidity." Hydromer, Inc. is a technology-based company involved in
the research and
development, manufacture and commercialization of specialized
polymer and
hydrogel products for medical device, pharmaceutical, animal
health,
cosmetic, personal care, and industrial uses. For the latest
information
about Hydromer, Inc. and its products, please visit our
web site at
http://www.hydromer.com.
Hydromer,
Inc. Announces Sale of Product Lines to Merit Medical Systems,
Inc.
(February 24, 2009)
For additional information please contact: Martin von Dyck,
908-722-5000, Executive Vice President.