Sanara MedTech Inc. Announces Expanded Line of Credit, Launch of BIAKŌS™ ANTIMICROBIAL SKIN & WOUND CLEANSER and Approval of Stock Purchase Program
FORT WORTH, TX / ACCESSWIRE / June 25, 2019 / Sanara MedTech Inc. (OTCQB: SMTI) Based in Fort Worth, Texas, Sanara MedTech Inc. (“Sanara” or the “Company”), a provider of surgical and chronic wound care products dedicated to improving patient outcomes, today announced (1) an expanded line of credit with Cadence Bank, (2) the launch of BIAKŌS™ ANTIMICROBIAL SKIN & WOUND CLEANSER, and (3) the approval of a stock purchase program.
Expanded Line of Credit with Cadence Bank
The Company recently amended and expanded its line of credit with Cadence Bank from $1.0 million to $2.5 million. The expanded line of credit will provide the Company with additional working capital for its product pipeline, sales force expansion and other corporate purposes.
BIAKŌS™ ANTIMICROBIAL SKIN & WOUND CLEANSER to Launch in July 2019
The Company announced that it expects to begin selling BIAKŌS™ ANTIMICROBIAL SKIN & WOUND CLEANSER in July 2019 through its wound care distribution channels. BIAKŌS™ ANTIMICROBIAL SKIN & WOUND CLEANSER is an FDA cleared patented wound cleansing spray that disrupts extracellular polymeric substances to eradicate biofilm. Various clinicians in selected post-acute care settings have experienced promising clinical results using BIAKŌS™ in conjunction with the Sanara HYCOL® HYDROLYZED COLLAGEN product.
Shawn Bowman, President, Wound Care Division, stated, “BIAKŌS™ ANTIMICROBIAL SKIN & WOUND CLEANSER is a unique multi-functional solution which has demonstrated excellent clinical efficacy. This is a large opportunity and there is only one primary competitor in the marketplace. This competitor has a market cap of nearly $500 million and we believe our clinical results and existing distribution channels will allow us to quickly become the market leader in biofilm management.”
Approval of Stock Purchase Program
The Company’s Board of Directors has authorized the Company to purchase up to 5.0% of the current outstanding shares of the Company’s common stock from time to time in the open market or through privately negotiated transactions at prevailing market prices, depending on market conditions. The repurchase program has no time limit and may be discontinued at any time, however the Company will use its best efforts to complete the repurchase program by the end of 2019. All shares repurchased, whether through open market or privately negotiated transactions, will be restored to the status of authorized but unissued stock.
Ron Nixon, Executive Chairman of the Board, stated, “The Board fundamentally believes that the Company’s stock is undervalued at current prices and the stock repurchase program provides a meaningful way to deliver value to our shareholders.”
About Sanara MedTech Inc.
With our focus on improving patient outcomes with evidenced-based healing solutions, Sanara MedTech Inc. develops, markets and distributes biotechnology products to physicians, hospitals, clinics and all post-acute care settings. We continue to seek long-term strategic partnerships with a focus on products that complement our existing portfolio and provide more efficacious outcomes at a lower overall cost. Our products are sold in the North American advanced wound care and surgical tissue repair markets. Sanara MedTech Inc. sells and distributes CellerateRX® Surgical Powder Adjuvant, HYCOL® HYDROLYZED COLLAGEN, BIAKŌS™ ANTIMICROBIAL SKIN & WOUND CLEANSER and PULSAR II™ ADVANCED WOUND IRRIGATION (AWI)™ WOUND DEBRIDEMENT SYSTEM.
For more information, visit WNDM.com.
Information about Forward-Looking Statements
The statements in the press release that relate to the Company’s expectations with regard to the future impact on the Company’s results from new products in development and any other statements not constituting historical facts are “forward-looking statements,” within the meaning of and subject to the safe harbor created by the Private Securities Litigation Reform Act of 1995. Since this information may contain statements that involve risk and uncertainties and are subject to change at any time, the Company’s actual results may differ materially from expected results. This document may contain forward-looking statements concerning the Company’s operations, current and future performance and financial condition. These items involve risks, contingencies and uncertainties such as product demand, market and customer acceptance, the effect of economic conditions, competition, pricing, the ability to consummate and integrate acquisitions, and other risks, contingencies and uncertainties detailed in the Company’s SEC filings, which could cause the Company’s actual operating results, performance or business plans or prospects to differ materially from those expressed in, or implied by these statements. The Company undertakes no obligation to revise any of these statements to reflect the future circumstances or the occurrence of unanticipated events.