American Diversified Holdings Corp. completed the acquisition of Texas-based privately held medical device maker Brazos Biomedical LLC and undertook a financial reorganization.
Financial terms of the acquisition were not disclosed.
American Diversified has acquired all the assets of Brazos Biomedical and the Auracis Tens migraine therapy system, including all the patents and patent applications in the U.S. and abroad, patent license agreement, technical engineering schematics, FDA plans, patient study information, and other related assets.
American Diversified said it is seeking additional acquisitions in the bio-device sector, specifically in the nonopioid pain management space.
The Del Mar, Calif.-based holding company said its financial reorganization has resulted in the reduction of $1.2 million in debt on the balance sheet. In addition to the debt reduction, about 95 million shares were canceled and reduced from the total outstanding shares.
American Diversified believes the "debt reduction and share cancellation will further enhance the company's financial picture" as it tries to up-list to the OTCQB.
The company also stated that it will revisit previous negotiations in the cannabis sector if the U.S. government passes a law to federally legalize cannabis.
