Biocure buys needle disposal company
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.Biocure Holdings has bought a company roughly twice its size, Needle Incinerator Company (NIC), a specialist in the on-site disposal of medical biohazardous waste which has developed an innovative needle disposal system. Biocure is paying for the deal by issuing 100,537,578 new ordinary shares to the current shareholders of NIC, valuing NIC at around pounds 27.7m.
The company is also changing its name to Medisys, and has appointed Michael Coy, Brian Timmons and James Chan, directors of NIC, to the board of Biocure as managing director, finance director and commercial director respectively.
Biocure is also delisting from the Official List and transferring to AIM. It will hold an EGM on 25 July to seek shareholder approval, and dealing on AIM will start on 28 July. NIC's needle disposal products are forecast to have a big impact in the US and Mexico. NIC made losses of pounds 668,000 in the year to 31 May1996, and losses of pounds 990,000 in the seven months ended 31 December 1996.
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments