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HemaSure/Cobe

This article was originally published in The Gray Sheet

Executive Summary

Cobe Labs invests $9 mil. in blood filtration technology firm HemaSure in exchange for 4.5 mil. shares of HemaSure common stock, giving Cobe 30.2% of the company. Cobe also gains an option to purchase an additional $3 mil. in stock between Aug. 3, 1999 and May 3, 2000, and representation on HemaSure's board of directors and its representative committees. Proceeds will go toward U.S. commercialization of HemaSure's r/LS red blood cell filtration system, for which 510(k) clearance is expected by July. Cobe will distribute the device in the U.S. In conjunction with the financing, the two firms have signed an amended exclusive distribution agreement making Cobe the worldwide distributor of HemaSure products, excluding sales to the American Red Cross

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