PET developer Positron of Houston has purchased NukeMed subsidiary Dose Shield and formed a new subsidiary, Positron Pharmaceuticals.
John Zehner, president and founder of NukeMed of Fishers, IN, and Dose Shield, signed a three-year employment contract with Positron to become president and director of Positron Pharmaceuticals.
Positron bought Dose Shield for an aggregate purchase price of 80 million shares of Positron's common stock. Forty million shares will be delivered when the transaction closes; the remaining 40 million shares will be delivered upon confirmation of the ability to resell Dose Shield's Cardio-Assist device.
The transaction includes $600,000 in cash, with $60,000 of that amount delivered at closing and the balance on or before December 31, 2008.
In addition, the agreement has earn-out payments equal to the lesser of 50% of the net revenue generated from sales of Pharm-Assist equipment or $600,000, advances for expenses equal to $450,000, and royalties equal to 1.5% of the net revenues generated from sales of all Dose Shield equipment.
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