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October 28, 2015
Galil Medical to Acquire Perseon Corporation
October 27, 2015—Galil Medical, an interventional oncology cryoablation technology company based in Arden Hills, Minnesota, and Yokneam, Israel, announced today it has entered into an agreement to acquire 100% of Perseon Corporation, a publicly traded company focused on microwave ablation based in Salt Lake City, Utah, in an all cash transaction valued at $10.6 million. The resulting combined company will be privately owned. Galil Medical’s President and CEO, Martin J. Emerson, will serve in the same capacity for the new company.
According to Galil Medical, its cryoablation solutions address multiple physician specialties, including patient conditions affecting bone, kidney, liver, lung, and prostate, as well as targeted pain and nerve applications.
The transaction, which is expected to close in December 2015 or early 2016, is contingent upon, among other things, Galil raising approximately $26 million concurrent with the deal’s closing and upon the tender of a majority of Perseon's outstanding common stock and 65% of Perseon's publicly traded warrants.
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