Cell MedX Corp. plans to divest its unit Avyonce Cosmedics Inc., which markets and distributes spa technologies.
The company decided to divest the unit to concentrate on upcoming observational clinical studies of its eBalance technology as well as to continue the development of therapeutic and nontherapeutic devices based on this technology.
Jean Arnett, a director and vice president of corporate development of Cell MedX, has chosen to continue her work with Avyonce to further develop its business model. Effective Jan. 23, she resigned from her management and directorship positions with Cell MedX.
Cell MedX will transfer Avyonce to Arnett for nominal consideration.
The company appointed Bradley Hargreaves to its board to fill the vacancy created by Arnett's resignation. Hargreaves is currently vice president of technology and operations at the company.
For accounting purposes, the divestiture was made effective as of Dec. 31, 2016.