Rio Grande in August 2016 backed out of deal with Endonovo after seeking to renegotiate its terms when Steven Gluckstern, chairman & CEO of Santa Fe-based Rio Grande, dissolved a binding letter of intent. Los Angeles-based Endonovo, which had raised $10 million to fund the $21.5 million buyout, was to have put up $1.5 million in cash, another $15 million in ENDV shares and $5 million worth of warrants for Rio Grande.
Rio Grande has an FDA-cleared and CE-mMarked device for treating pain and edema using pulsed electromagnetic fields and a multi-coil repetitive transcranial magnetic stimulation device with a pending 510(k) application.
The new deal, executed Dec. 22, saw Endonovo put up $3 million in cash plus a $1.5 million promissory note due Nov. 30, 2018. It came after Rio Grande and Endonovo settled their dispute over the previous deal, with Rio Grande ponying up $150,000 to put the matter to rest, Endonovo said. The company said it raised the $3 million payment by issuing $700,000 worth of new preferred stock, a $1.8 million convertible note to Eagle Equities and “the application of available company funds.”
“We intend to initiate and fund both currently planned and all future clinical trials to evaluate the use of PEMF in the treatment of central nervous system disorders, including traumatic brain injury, post-concussion syndrome, stroke and multiple sclerosis,” Endonovo said in a regulatory filing. “Endonovo Therapeutics will begin the commercialization of the PEMF assets through licensing and joint venture agreements and the creation of various sales channels and distribution agreements.”
The post Endonovo Therapeutics finally buys Rio Grande Neuroscience assets for nearly $5m appeared first on MassDevice.
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