Endonovo Therapeutics inks $22m deal for Rio Grande Neurosciences

Endonovo Therapeutics inks m deal for Rio Grande Neurosciences

Endonovo Therapeutics (OTC:ENDV) said today that it agreed to pay $21.5 million to acquire Rio Grande Neurosciences and its non-invasive devices for treating brain disorders. The cash-and-stock deal calls for Endonovo to put up $1.5 million in cash, another $15 million in ENDV shares and $5 million worth of warrants. The companies signed a binding letter of intent and expect to ink a deal during the 3rd quarter; Los Angeles-based Endonovo said it issued a $500,000 note toward the purchase price and agreed to a 10% sales royalty and to assume the acquisition’s senior secured debt. Santa Fe-based Rio Grande Neurosciences already has an FDA-cleared device for treating pain and edema, Endonovo said. RGN also has a multi-coil repetitive transcranial magnetic stimulation device with a pending 510(k) application, according to a press release.…


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