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GenSci & IsoTis shareholders approve merger:

This article was originally published in Clinica

Executive Summary

99.9% of Canadian firm GenSci's shareholders and 99.75% of IsoTis's have voted in favour of the merger of Swiss-Dutch IsoTis and GenSci OrthoBiologics, of Irvine, California. The group is hoping to double its combined revenues and reach profitability by 2005. In the six months to the end of June 2003, the two companies had combined sales of $11.8m and a net loss of $12.6m. The transaction is expected to close on October 27, and is dependent on the California Bankruptcy Court approving GenSci OrthoBiologics' emergence from Chapter 11 bankruptcy protection.

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