Endonovo Therapeutics has entered into a definitive agreement to sell the SofPulse business and medical intellectual property (IP) to SofPulse, Inc.
Endonovo is anticipated to receive the higher of $50m or a price that will be determined by an asset valuation from a qualified third party, which must be acceptable to the company’s board.
To fuel the operations of SofPulse, Inc., the company aims to carry out up to $500,000 capital raise through a 506 offering customised for accredited investors.
With a pre-money valuation of $10m and shares priced at $2.50 each, the capital raise is expected to fuel additional development and expansion.
Approved by the US Food and Administration (FDA), the SofPulse targeted pulsed electromagnetic field (tPEMF) device helps enhance the healing process and reduce the requirement for pain medications.
This medical device sends gentle pulses to the tissue causing a positive biological effect to alleviate swelling and expedite the natural recovery process.
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It can be used manually or in pre-programmed mode for delivering therapy automatically.
SofPulse, Inc. president Ira Weisberg said: “The acquisition of the SofPulseassets is a major step in the ongoing transformation of the SofPulsebrand, as we execute our strategic priorities, intensifying our focus and augmenting the value for all our shareholders.”
In October 2023, Endonovo obtained approval from the Taiwan Food and Drug Administration (TFDA) for the SofPulse technology.
Endonovo’s distribution partner EverMed Medical Enterprises agreed to supply this device in the country.
Subject to customary regulatory approvals and satisfaction of other closing conditions, the transaction is expected to be completed by the end of this month.
SofPulse, Inc. will prepare to fulfil regulatory requirements for a Nasdaq listing once the sale is completed.
Endonovo will continue overseeing its mergers and acquisitions division, the telehealth sector, and advancing its non-medical device business.