Zomedica Corp. (ZOM) stock soared 12.44% in the current-market trading session at the price of $0.59 after it had acquired Pulse Veterinary Technologies for $70.9 million. ZOM is a veterinary health company that focuses on the unmet needs of clinical veterinarians. Its major product portfolio includes diagnostics and medical devices for animals.
ZOM Acquired PulseVet Technology
On 1st October 2021, ZOM published that it had obtained Pulse Veterinary Technologies for approximately $70.9 million in all-cash transactions. Pulse Veterinary Technologies is an international electro-hydraulic shock wave technology. It can treat a broad range of conditions in veterinary patients. The high-energy sound waves discharge wound healing factors in the cell that improve blood flow by accelerating bone and tissue development. The technology can cure the conditions related to wound and bone healing, ligament recovery, osteoarthritis, and chronic pain.
CEO of ZOM, Robert Cohen, remarked that it had been their motive to complete the TRUFORMA product platform and to stimulate the company’s growth by investing in their product development efforts. They are focused on improving ZOM’s capability to be a valued partner by bringing novel and valuable offerings to enhance animal and veterinary health.
Appointment of Sean Whelan to Board of Directors
On 13th September 2021, ZOM published the appointment of Sean Whelan to the company’s Board of Directors. Sean Whelan will replace his predecessor Christopher Wolfenberg. Mr. Sean has most recently served at Encore Rehabilitation Services as Chief Executive Officer. He has previously worked as the company’s CFO from 2017 to 2018. Earlier, Mr. Sean served as CFO of InfuSystem Holdings, Inc. from 2007 to 2010. Before that position, he served at Ford Motor Company in various senior finance positions from 1996 to 2007.
Robert Cohen remarked that they welcome Sean, with a sterling background, to the company’s board of directors. His broad experience and expertise in financial matters will be an excellent addition to ZOM. They look forward to Sean assuming the Chairmanship of the Audit Committee and to serving the company on a wide range of issues. He also thanked Chris Wolfenberg for his services and valuable counsel during the period he served.
Mr. Whelan commented that he is pleased by the potential of ZOM’s innovative product portfolio. As a business executive, he is excited to join the Board to help facilitate the company’s growth.