On Friday, Majesco Entertainment Co. (NASDAQ:COOL) revealed that it had named Michael Neumeister, M.D., FRCSC, FACS, former Plastic Surgery Foundation and Plastic Surgery Research Council President, as its Chief Medical Officer (CMO), following the sealing of a definitive agreement to fully acquire PolarityTE, Inc. as its wholly-owned subsidiary.
As per the agreement between the two companies, Majesco Entertainment will issue preferred shares, which will represent about 50% of its issued and outstanding common shares once converted.
The company has also entered into stock purchase agreements relating to the purchase of 0.75 million common shares for $3 each per common share, amounting to a total transaction of $2.25 million.
More importantly, Majesco Entertainment will be rebranded as PolarityTE. The new entity will have its headquarters in Utah. Currently, biomedical research and development (R&D) facilities and a tissue manufacturing center are being established in the state as part of its long-term growth prospects.
New Executive Management
The appointment of Neumeister succeeds previous appointments made in accordance to the merger.
Upon the signing of the definitive agreement on Thursday, Denver Lough, Ph.D., has been named as the CEO and Chairman; and Edward Swanson, Ph.D. as the Chief Operating Officer (COO) and Director.
Lough and Swanson have previously served at the Johns Hopkins University School of Medicine as resident plastic and reconstructive surgeons. In their respective new endeavors in the corporate world, they both hope to shape the technology of PolarityTE and help many patients.
“This opportunity allows us to disrupt the field with our entirely new proprietary technology platform across a wide variety of tissues so that all patients will eventually be offered a pragmatic method of regenerative wound healing and personalized tissue engineering,” reiterated Lough, who reassured that their leadership will efficiently work towards realizing their long-term goals.
Similarly, Swanson believes that the merger can significantly improve regenerative medicine.
On Thursday, Majesco Entertainment has closed at $5.17, up by 63.61%.