Applied Biometrics floats subsidiary Cardia:
This article was originally published in Clinica
Executive Summary
Applied Biometrics is floating its wholly-owned Cardia subsidiary to its shareholders. The Minneapolis-based company is issuing one share of Cardia to those that hold 11.563 Applied shares with a further rights offering to shareholders. Following the distribution, Cardia, whose technologies include catheter introduced cardiac closure devices for use in minimally-invasive cardiac surgery, will become an independent publicly-owned company. The move is designed to allow Cardia to raise its own funds and develop its transcatheter devices.
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