Aug 17, 2015, 10:27am MST
From the Phoenix Business Journal
Eric Jay Toll
Reporter- Phoenix Business Journal
In a reverse merger, Scottsdale-based Lattice Biologics will benefit from foreign direct investment by merging Toronto-based Blackstone Ventures.
Lattice is a closely held private company and, in the merger, will become public and traded on the Toronto Stock Exchange Venture Exchange.
FDI is another method by which foreign trade helps grow the Arizona economy. It’s a direct investment, in this case in an emerging personalized/precision medicine company, with funds generated outside of Arizona. Canadian companies have significant FDI in the Phoenix market from real estate to banking to technology and manufacturing.
The Lattice-Blackstone deal is an exchange of shares with some cash involved in the transaction. The letter of intent announced Aug. 13 requires Blackstone to raise between $1.1 million and $2 million and both firms have to complete due diligence before the deal is finalized.
Lattice has its headquarters, laboratory and manufacturing facilities in Scottsdale. It creates tissue-based products used in a number of surgeries and procedures.
Following the deal, Lattice’s CEO Guy Cook and CFO Cheryl Farmer will assume the same roles with Blackstone. Directors and officers of Lattice will step into similar roles on the Blackstone board. Gregory Davis will serve as COO.
Eric covers economic development, banking and finance, infrastructure, transportation and utilities.
Media Contact: Melanie Battista, Public Relations, Lattice Biologics Inc., 16701 N 90th Street, Suite #101, Scottsdale, AZ 85260, 480-563-0800 Office, News@LatticeBiologics.com | www.LatticeBiologics.com
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