Following a reverse take-over (RTO), Scottsdale, Arizona-based Lattice Biologics, a regenerative medicine enterprise, recently appointed a new board of directors and took action to streamline the company’s cash flow while advancing its stem cell research technology.
The company converted $500,000 of debt owed by a subsidiary into equity via its Dec. 23 merger, held by current board member Cathy Thomas.
"This debt conversion represents a strong vote of confidence in the company's future prospects and product development," Lattice Biologics' CEO Guy Cook said. "Lattice Biologics is experiencing strong demand for its current product portfolio. With more resources being made available, we hope to meet this demand, increase revenues throughout 2016 and drive shareholder value over the next 18 months."
The new five-member board roster includes Cook, Thomas, CFO Cheryl Farmer, Donald McInnes and Mario Stifano. McInnes congratulated the team for a successful transition, while Thomas expressed enthusiasm with the venture, saying that a number of motives attracted her to partake.
“Lattice Biologics offers a visionary approach to patient care that is rooted in personalized medicine,” Thomas said. “(Its) technology can be delivered with precious speed and is tailored specifically to each patient's unique conditions in order to generate the most precise solutions for each situation.”
Lattice Biologics products assist with surgical, reconstruction and healing procedures, including sports medicine applications, and burn and bone repair.