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Skyline Medical exploring merger with CytoBioscience

Skyline Medical Inc. is exploring a merger with privately held CytoBioscience Inc., a Texas-based healthcare manufacturer and contract research organization.

The companies have entered a so-called letter of intent to explore a merger. Assuming the parties enter a definitive agreement, the transaction would close by Sept. 30.

CytoBioscience has reported a current backlog of $6 million in orders and anticipated contract research work.