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Corporate News Blog - Skyline Medical Provides Update on Pending CytoBioscience Merger

Research Desk Line-up: AngioDynamics Post Earnings Coverage

LONDON, UK / ACCESSWIRE / October 3, 2017 / Pro-Trader Daily looks at the latest corporate events and news making the headlines for Skyline Medical Inc. (NASDAQ: SKLN), following which we have published a free report that can be viewed by signing up at http://protraderdaily.com/optin/?symbol=SKLN. The Company, which manufactures the FDA-approved STREAMWAY® System for automated, direct-to-drain medical fluid disposal, shared announced on September 29, 2017, an update on the completion of its pending merger with CytoBioscience. For immediate access to our complimentary reports, including today's coverage, register for free now at:

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Discover more of our free reports coverage from other companies within the Medical Instruments & Supplies industry. Pro-TD has currently selected AngioDynamics, Inc. (NASDAQ: ANGO) for due-diligence and potential coverage as the Company reported on September 28, 2017, its financial results for Q1 FY18 which ended on August 31, 2017. Tune in to our site to register for a free membership, and be among the early birds that get our report on AngioDynamics when we publish it.

At Pro-TD, we make it our mission to bring you news that matter about the stock you follow. Today, our research desk covers a blog story on SKLN; also brushing on ANGO. Go directly to your stock of interest and access today's free coverage at:

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About the Skyline Medical/ CytoBioscience Merger

Skyline Medical entered into a definitive agreement for the merger with CytoBioscience on August 09, 2017. CytoBioscience, which is based in Texas, manufactures instruments used in human cell research for drug development. The Company is renowned for its scientific and technical staff, collaborative partnerships with leading pharmaceutical Companies and strategic alliances with key groups and academic institutions. CytoBioscience has a current order backlog of approximately $6 million, mostly in contract research work.

Dr. Carl Schwartz, Chief Executive Officer at Skyline, stated that this merger is a transformative move for Skyline. It would help accomplish the goal of broadening Skyline's business and would also bring in immediate and meaningful revenue. Moreover, it would also provide Skyline access to a host of important medical center customers and relationships, including a Who's Who in pharmaceutical product development. The Company can thereby leverage this platform for increasing awareness about its STREAMWAY System and thus boost sales.

Merger to Close by End of October

  • The Company revealed that it has submitted all requisite paperwork to NASDAQ for review. It is, however, subject to additional financial and due diligence documentation that is being done by third parties and is expected to be submitted in the coming weeks.
  • Skyline anticipates that the merger would get completed by October 31, 2017.

About the Revolutionary STREAMWAY System

Skyline's proprietary STREAMWAY System is the first true direct-to-drain fluid disposal system. It has been specially designed for medical applications such as radiology, endoscopy, urology, and cystoscopy procedures. STREAMWAY System, which has already been approved by the FDA, directly connects to a facility's plumbing system to automate the collection, measurement as well as disposal of waste fluids. As on June 30, 2017, Skyline Medical customers have installed 103 STREAMWAY Systems in 52 facilities across 20 states and in Canada.

The main advantage of the STREAMWAY system is that it minimizes human intervention for better safety. In fact, it also improves compliance with Occupational Safety and Health Administration (OSHA) and other regulatory agency safety guidelines. Besides, it offers unlimited capacity for increased efficiency in the operating room. This, in turn, leads to greater profitability.

Additionally, the STREAMWAY removes canisters and thus decreases overhead costs. It also delivers greater environmental stewardship by helping to remove the nearly 50 million potentially disease-infected canisters that go into landfills annually in the US.

Skyline's Marketing Initiatives for STREAMWAY

Skyline is gratified with the new marketing strategy which was implemented in the latter half of 2016 by the new management team.

  • Lately, the Company focused its marketing message on STREAMWAY's competitive advantages for infection control as well as its utility in radiology procedures.
  • Skyline participated in important national and local radiology conferences, wherein it received the support and validation of major Group Purchasing Organizations.
  • Moreover, the Company has also initiated dialogue with potential customers including those with multi-hospital networks as well as a hospital that could serve as a Center of Excellence for STREAMWAY. This center would facilitate the observation of procedures concerning STREAMWAY by prospective customers.
  • Besides, it is also pursuing distribution agreements in Europe and Canada and envisages having one or more agreements in place during the fourth quarter.

Strong Growth Prospects for Skyline

Skyline is also pleased with its continued progress in the third quarter of this year. In fact, it intends to report its third-quarter financial results by mid-November 2017.

Dr. Carl Schwartz mentioned that Skyline is currently in a good position and its growth prospects have never been stronger. This can be attributed to the forthcoming completion of the merger with CytoBioscience as well as an improving outlook for its STREAMWAY business. He shared that the Company has worked very hard with its limited staff and a tight budget to increase awareness about STREAMWAY's capabilities and safety features. The efforts are now beginning to show results.

Last Close Stock Review

On Monday, October 02, 2017, the stock closed the trading session at $1.49, climbing 2.50% from its previous closing price of $1.45. A total volume of 284.75 thousand shares have exchanged hands, which was higher than the 3-month average volume of 271.65 thousand shares. Skyline Medical's stock price advanced 6.43% in the last one month and 2.05% in the previous three months. The stock currently has a market cap of $9.12 million.

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