Vascular brachytherapy firm Novoste said it has been unsuccessful in negotiating revised terms to its merger agreement with extremity MRI developer ONI Medical Systems.
Novoste said it would reconvene its special meeting in lieu of an annual shareholder meeting September 26 at its headquarters in Norcross, GA. Voting on the ONI merger proposals will occur then.
Should Novoste shareholders not approve the merger proposals, the company said it expects to have no ongoing business operations following the wind-down or sale of its VBT business. The board would then need to consider other alternatives, including the liquidation and dissolution of Novoste, said president and CEO Alfred Novak.
By AuntMinnie.com staff writers
September 26, 2005
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Best Medical to acquire Novoste's VBT assets, August 26, 2005
Novoste, ONI to merge, May 19, 2005
Novoste shows steep Q1 downturn, signs Guidant deal, April 22, 2004
Novoste suspends Mobile trial, restructures company, August 27, 2003
Novoste posts profitable Q2, July 24, 2003
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