A Blog from Gerbsman Partners Board of Intellectual Capital on “Maximizing Enterprise Value” for technology, life science, medical device and cleantech companies and their Intellectual Property
Successful ‘Date-Certain M&A’ of Stemedica Cell Technologies Inc., its Assets and Intellectual Property
Gerbsman Partners is pleased to announce the successful completion of maximizing the value of the Assets and Intellectual Properties at Stemedica Cell Technologies, Inc.
Due to market conditions and trends, the Board of Directors and senior lender made the strategic decision to maximize the value of its Assets and Intellectual properties.
Gerbsman Partners – led by Steven R. Gerbsman, Principal and Kenneth Hardesty (CEO in Residence)– provided the CEO with financial advisory leadership through its proprietary ‘Date-Certain M&A Process’, facilitated the sale of the company’s Assets and Intellectual Property and the closing of the sale with other company Advisors.
1. Business consulting and investment banking domain expertise in developing strategic action plans.
2. Implementing its proprietary ‘Date-Certain M&A Process’ in order to maximize value of Stemedica Assets and Intellectual properties.
3. “Managing and guiding the process” among potential acquirers, lawyers, advisors, as well as all stakeholders of interest.
About Gerbsman Partners
Gerbsman Partners focuses on maximizing enterprise value for stakeholders and shareholders in underperforming, undercapitalized and undervalued companies and their intellectual properties. Since 2001, Gerbsman Partners has successfully maximized the values of 121 companies in a wide and diverse spectrum of industries, ranging from technology, medical device/life science, digital marketing to cyber security, to name only a few.*
In the process, GP has successfully restructured/terminated over $810 million of real estate executory contracts and equipment lease/sub-debt obligations, and has assisted in over $2.3 billion of financings, restructurings and M&A transactions.*
Gerbsman Partners has offices and strategic alliances in San Francisco, Orange County, Boston, New York, Washington DC, McLean, VA, Europe and Israel.
*For further information on Gerbsman Partners expertise and industry experience, please request our company profile here
of Pennington Biomedical Research Center in Baton Rouge, La. Credit: Pennington Biomedical Research Center
Pennington Biomedical Research Center’s Dr. Steven Heymsfield and Dr. Peter Katzmarzyk are among the most influential researchers in the world who demonstrate significant and broad influence in their fields, according to Clarivate Analytics’ 2024 List of Highly Cited Researchers.
This honor highlights researchers whose work has had significant global influence, as evidenced by their exceptional citation records in leading scientific publications. The 2024 Highly Cited Researchers hail from more than 1,200 institutions in 59 nations and regions.
The Highly Cited Researchers list, compiled annually by Clarivate Analytics, identifies scientists who are among the top 1 percent of researchers in their field, as measured by citations in the Web of Science database during the period from 2013 to 2023.
“Pennington Biomedical is home to all-star researchers known worldwide, and this recognition for Dr. Heymsfield and Dr. Katzmarzyk shows the impact they are having in the field of obesity and nutrition research,” said Dr. John Kirwan, Pennington Biomedical Executive Director. “We congratulate them both for this recognition and all of Louisiana and Baton Rouge can be proud that they are conducting their world-renowned research here at Pennington Biomedical.”
Dr. Heymsfield and Dr. Katzmarzyk are internationally recognized for their groundbreaking contributions to obesity research, physical activity, and public health.
Steven Heymsfield, M.D., Professor of Metabolism & Body Composition, has an h-index of 141. He is listed on 1,314 publications that have been cited close to 80,000 times. His most cited paper, “Epidemiology of sarcopenia among the elderly in New Mexico,” published in the American Journal of Epidemiology, has been cited more than 2,800 times.
“This achievement reflects not just individual recognition, but the incredible support and collaboration of everyone at Pennington Biomedical,” Dr. Heymsfield said. “Conducting impactful and high-quality research requires not only dedication but also access to outstanding facilities, resources, and a thriving scientific community—qualities exemplified at Pennington Biomedical. I am grateful to be part of an institution that fosters innovation and excellence in research, enabling us to address critical challenges in health and nutrition on a global scale.”
Peter Katzmarzyk, Ph.D., Associate Executive Director for Population and Public Health Sciences; Professor; and Marie Edana Corcoran Endowed Chair in Pediatric Obesity and Diabetes, has an h-index of 100. He is listed on 587 publications that have been cited more than 45,000 times. His paper, “Effect of Physical Inactivity on Major Non-Communicable Diseases Worldwide: An Analysis of Burden of Disease and Life Expectancy,” published in Lancet, has been cited more than 5,400 times.
“Being named among the world’s highly cited researchers is both an honor and a reflection of the impact our work is making on global health,” Katzmarzyk said. “This recognition underscores the importance of addressing critical issues like physical inactivity, obesity, and chronic disease to improve lives worldwide.”
The 2024 Highly Cited Researchers list features 3,560 Highly Cited Researcher awards in 20 fields, with an additional 3,326 recognitions for outstanding performance in multiple fields (cross-field).
“The Highly Cited Researchers list identifies and celebrates exceptional individual researchers at Pennington Biomedical whose significant and broad influence in their fields translates to impact in their research community. Their pioneering innovations contribute to a healthier, more sustainable and secure world. These researchers’ achievements strengthen the foundation of excellence and innovation that drives societal progress,” said David Pendlebury, Head of Research Analysis at the Institute for Scientific Information at Clarivate.
About the Pennington Biomedical Research Center
The Pennington Biomedical Research Center is at the forefront of medical discovery as it relates to understanding the triggers of obesity, diabetes, cardiovascular disease, cancer and dementia. Pennington Biomedical has the vision to lead the world in promoting metabolic health and eliminating metabolic disease through scientific discoveries that create solutions from cells to society. The center conducts basic, clinical, and population research, and is a campus in the LSU System.
The research enterprise at Pennington Biomedical includes over 530 employees within a network of 44 clinics and research laboratories, and 13 highly specialized core service facilities. Its scientists and physician/scientists are supported by research trainees, lab technicians, nurses, dietitians, and other support personnel. Pennington Biomedical is a globally recognized state-of-the-art research institution in Baton Rouge, Louisiana.
Dr. Steven Heymsfield and Dr. Peter Katzmarzyk Rank Among the World’s Most Influential Researcher
December 2nd, 2024
Dr. Steven Heymsfield and Dr. Peter Katzmarzyk of Pennington Biomedical Research Center in Baton Rouge, La. Credit: Pennington Biomedical Research Center
Pennington Biomedical Research Center’s Dr. Steven Heymsfield and Dr. Peter Katzmarzyk are among the most influential researchers in the world who demonstrate significant and broad influence in their fields, according to Clarivate Analytics’ 2024 List of Highly Cited Researchers.
This honor highlights researchers whose work has had significant global influence, as evidenced by their exceptional citation records in leading scientific publications. The 2024 Highly Cited Researchers hail from more than 1,200 institutions in 59 nations and regions.
The Highly Cited Researchers list, compiled annually by Clarivate Analytics, identifies scientists who are among the top 1 percent of researchers in their field, as measured by citations in the Web of Science database during the period from 2013 to 2023.
“Pennington Biomedical is home to all-star researchers known worldwide, and this recognition for Dr. Heymsfield and Dr. Katzmarzyk shows the impact they are having in the field of obesity and nutrition research,” said Dr. John Kirwan, Pennington Biomedical Executive Director. “We congratulate them both for this recognition and all of Louisiana and Baton Rouge can be proud that they are conducting their world-renowned research here at Pennington Biomedical.”
Dr. Heymsfield and Dr. Katzmarzyk are internationally recognized for their groundbreaking contributions to obesity research, physical activity, and public health.
Steven Heymsfield, M.D., Professor of Metabolism & Body Composition, has an h-index of 141. He is listed on 1,314 publications that have been cited close to 80,000 times. His most cited paper, “Epidemiology of sarcopenia among the elderly in New Mexico,” published in the American Journal of Epidemiology, has been cited more than 2,800 times.
“This achievement reflects not just individual recognition, but the incredible support and collaboration of everyone at Pennington Biomedical,” Dr. Heymsfield said. “Conducting impactful and high-quality research requires not only dedication but also access to outstanding facilities, resources, and a thriving scientific community—qualities exemplified at Pennington Biomedical. I am grateful to be part of an institution that fosters innovation and excellence in research, enabling us to address critical challenges in health and nutrition on a global scale.”
Peter Katzmarzyk, Ph.D., Associate Executive Director for Population and Public Health Sciences; Professor; and Marie Edana Corcoran Endowed Chair in Pediatric Obesity and Diabetes, has an h-index of 100. He is listed on 587 publications that have been cited more than 45,000 times. His paper, “Effect of Physical Inactivity on Major Non-Communicable Diseases Worldwide: An Analysis of Burden of Disease and Life Expectancy,” published in Lancet, has been cited more than 5,400 times.
“Being named among the world’s highly cited researchers is both an honor and a reflection of the impact our work is making on global health,” Katzmarzyk said. “This recognition underscores the importance of addressing critical issues like physical inactivity, obesity, and chronic disease to improve lives worldwide.”
The 2024 Highly Cited Researchers list features 3,560 Highly Cited Researcher awards in 20 fields, with an additional 3,326 recognitions for outstanding performance in multiple fields (cross-field).
“The Highly Cited Researchers list identifies and celebrates exceptional individual researchers at Pennington Biomedical whose significant and broad influence in their fields translates to impact in their research community. Their pioneering innovations contribute to a healthier, more sustainable and secure world. These researchers’ achievements strengthen the foundation of excellence and innovation that drives societal progress,” said David Pendlebury, Head of Research Analysis at the Institute for Scientific Information at Clarivate.
About the Pennington Biomedical Research Center
The Pennington Biomedical Research Center is at the forefront of medical discovery as it relates to understanding the triggers of obesity, diabetes, cardiovascular disease, cancer and dementia. Pennington Biomedical has the vision to lead the world in promoting metabolic health and eliminating metabolic disease through scientific discoveries that create solutions from cells to society. The center conducts basic, clinical, and population research, and is a campus in the LSU System.
The research enterprise at Pennington Biomedical includes over 530 employees within a network of 44 clinics and research laboratories, and 13 highly specialized core service facilities. Its scientists and physician/scientists are supported by research trainees, lab technicians, nurses, dietitians, and other support personnel. Pennington Biomedical is a globally recognized state-of-the-art research institution in Baton Rouge, Louisiana.
Please review the “Important Legal Notice” below in that potential purchasers should not rely on any information contained provided by OnLume or Gerbsman Partners (or their respective staff, agents, and attorneys) in connection herewith, whether transmitted orally or in writing as a statement, opinion, or representation of fact. Interested parties should satisfy themselves through independent investigations as they or their legal and financial advisors see fit.
Ken, Eric and I will be following up to review the updated Bidding Process, schedule due diligence meetings with senior executives (no NDA needed for this) and answer any questions regarding the “Date Certain M&A Process”.
Any and all the assets of OnLume will be sold on an “as is, where is” basis and will be subject to “The Bidding Process for Interested Buyers”, outlined below.
Gerbsman Partners has been retained by OnLume to solicit interest for the acquisition of all, or substantially all, the assets of OnLume.
OnLume information (detail sales letter attached)
Founded in 2015 and headquartered in Madison, Wisconsin, OnLume is a privately held company that has developed an FDA-cleared imaging platform that intraoperatively detects fluorescently labeled tissue with an unprecedented degree of sensitivity, ease of use, and quantitation. OnLume’s fluorescence guided surgery (FGS) platform addresses surgeons’ difficulty in visualizing critical anatomy in a range of surgical settings and provides precise imaging with high sensitivity, low latency, and custom optics. The OnLume platform has immediate clinical relevance in a broad range of surgical applications, including the fast-emerging oncology imaging space.
OnLume raised $14.7 million from a syndicate of technology-focused funds and family offices including Cambridge Investment Group, Wisconsin Alumni Research Foundation (WARF), Innocreative Capital, SpeedUp Venture Holdings and Wisconsin Investment Partners (WIP), as well as SBIR grants and other non-dilutive funding. OnLume has limited indebtedness; its only secured debt is to the Wisconsin Economic Development Corporation (WEDC) in the principal amount of $500,000 under a Technology Development Loan Agreement between the company and the WEDC dated June 30, 2022.
OnLume’s technology is fully developed, optimized, FDA-cleared, and ready to be deployed. OnLume’s platform has cGMP manufacturing in place, broad protection provided by issued patents and demonstrated superiority based on an impressive range of clinical studies and a successful pilot launch. OnLume represents a unique opportunity for a buyer interested in entering the FGS space, or in enhancing its current FGS offering. According to a recent paper published in the Journal of Biomedical Optics, OnLume outperforms competitors regarding the critical performance parameters of both sensitivity and spatial resolution.
The breadth and range of applications of OnLume’s technology are immense. OnLume:
Meets a strong unmet need in the marketplace, thus providing a valuable tool to surgeons and improving patient outcomes;
Has an impressive range of completed or ongoing clinical trials;
Addresses the needs of large and fast-growing commercial markets; and
Benefits from rapid and inexpensive regulatory pathways.
OnLume Highlights:
Patented Surgical Imaging Technology
Large, Global Market Opportunity with Multiple Market Verticals
FDA Regulatory Clearance Established
Reimbursement Established
Quality Management System Established
Scalable Manufacturing Established
Published Clinical and Pre-clinical Studies Affirming Product Performance and Competitive Differentiation
Successful Pilot Launch at Luminary Medical Centers
$14.7 Million Raised in Equity Financing and Grant Funding
OnLume has exclusive license rights from WARF and the University of California San Diego (UCSD) to two issued US Patents and one pending US Patent covering key aspects of the OnLume FGS system and an additional pending application co-owned by the company and WARF.
OnLume has also recently filed its own provisional US Patent Application regarding newly invented applications of the core technology. OnLume’s first product (the Avata™ system) has cGMP manufacturing secured and OnLume has established relationships with a qualified network of contract manufacturers. As a result, the OnLume platform is market-ready and positioned for a near-term market launch in the US. OnLume’s platform is rapidly adaptable to a broad range of imaging agents and form factors across many market verticals, with efficient regulatory pathways leading to a robust pipeline. The core technology surpasses the competition and is well-positioned for leadership in the FGS market.
IMPORTANT LEGAL NOTICE
The information in this memorandum does not constitute the whole or any part of an offer or a contract. The information contained in this memorandum relating to the OnLume Assets has been supplied by OnLume. It has not been independently investigated or verified by Gerbsman Partners or its agents.
Potential purchasers should not rely on any information contained in this memorandum or provided by OnLume, or Gerbsman Partners (or their respective staff, agents, and attorneys) in connection herewith, whether transmitted orally or in writing as a statement, opinion, or representation of fact. Interested parties should satisfy themselves through independent investigations as they or their legal and financial advisors see fit.
OnLume, Gerbsman Partners, and their respective staff, agents, and attorneys, (i) disclaim any and all implied warranties concerning the truth, accuracy, and completeness of any information provided in connection herewith and (ii) do not accept liability for the information, including that contained in this memorandum, whether that liability arises by reasons of OnLume or Gerbsman Partners’ negligence or otherwise.
Any sale of the OnLume Assets will be made on an “as-is,” “where-is,” and “with all faults” basis, without any warranties, representations, or guarantees, either express or implied, of any kind, nature, or type whatsoever from, or on behalf of OnLume or Gerbsman Partners. Without limiting the generality of the foregoing, OnLume and Gerbsman Partners and their respective staff, agents, and attorneys, hereby expressly disclaim any and all implied warranties concerning the condition of the OnLume Assets and any portions thereof, including, but not limited to, environmental conditions, compliance with any government regulations or requirements, the implied warranties of habitability, merchantability, or fitness for a particular purpose.
This memorandum contains confidential information and is not to be supplied to any person without Gerbsman Partners’ prior consent. This memorandum and the information contained herein are subject to the non-disclosure agreement attached hereto as Exhibit A.
The Bidding Process for Interested Buyers
Interested and qualified parties will be expected to sign a nondisclosure agreement (attached hereto as Exhibit A) to have access to key members of the management and intellectual capital teams and the due diligence “war room” documentation (the “Due Diligence Access”). Each interested party, as a consequence of the Due Diligence access granted to it, shall be deemed to acknowledge and represent (i) that it is bound by the bidding procedures described herein; (ii) that it has an opportunity to inspect and examine the OnLume Assets and to review all pertinent documents and information with respect thereto; (iii) that it is not relying upon any written or oral statements, representations, or warranties of OnLume, Gerbsman Partners, or their respective staff, agents, or attorneys; and (iv) all such documents and reports have been provided solely for the convenience of the interested party, and neither OnLume nor Gerbsman Partners (or their respective, staff, agents, or attorneys) makes any representations as to the accuracy or completeness of the same.
Following an initial round of due diligence, interested parties will be invited to participate with a sealed bid, for the acquisition of OnLume Assets. Sealed bids must be submitted so that the bid is actually received by Gerbsman Partners no later than Tuesday, February 22, 2024 at 5:00 p.m. Eastern Time (the “Bid Deadline”) at OnLume’s office, located at 901 Deming Way, Suite 302, Madison, WI 53717. Please also email steve@gerbsmanpartners.com with any bid.
Any person or other entity making a bid must be prepared to provide independent confirmation that they possess the financial resources to complete the purchase where applicable. All bids must be accompanied by a refundable deposit in the amount of $200,000 (wire transfer information will be supplied at a later date). The winning bidder will be notified within 3 business days after the Bid Deadline. Non-successful bidders will have their deposit returned to them.
OnLume reserves the right to, in its sole discretion, accept or reject any bid, or withdraw any or all assets from sale. Interested parties should understand that it is expected that the highest bid will be chosen as the winning bidder and bidders may not have the opportunity to improve their bids after submission.
OnLume will require the successful bidder to close within 7 business days. Any or all of the assets of OnLume will be sold on an “as is, where is” basis, with no representation or warranties whatsoever.
All sales, transfer, and recording taxes, stamp taxes, or similar taxes, if any, relating to the sale of the OnLume Assets shall be the sole responsibility of the successful bidder and shall be paid to OnLume at the closing of each transaction.
For additional information, please see below and/or contact:
A column from 1999 went viral because its predictions are dead-on.
You have to read it to believe it.
An 18-year-old magazine column went viral over the past week because it’s just so good. The column effectively predicts the iPhone, Siri, and even Facebook’s privacy scandals — all the way back in 1999.
What makes this so special is that not only did Gerrold foresee smartphones, but he also clearly saw the privacy issues that have come with them.
If there’s one quibble with the prescient column, it’s that voice assistants — whether Apple’s Siri, Google’s Assistant, or Amazon’s Alexa — can’t really do complicated queries the way Gerrold predicted. But maybe the prediction is still ahead of its time.
iPhone rumor mill: What does Apple have up its sleeve?
With a major iPhone physical redesign expected in 2017, the iPhone 7 may feature just modest changes this year. Will that be enough to keep consumers interested? Read on.
The closer you get to an Apple event, the more accurate the rumors tend to get. We’re now a few days before the event and probably have a pretty good idea what to expect — barring a few surprises — according to reports and analysts.
Let’s go over the new stuff you’re most likely to see on the next-generation iPhone at the September 7 Apple event.
Physical design: The iPhone 7 will not be a major departure from the appearance of the 4.7-inch iPhone 6s and 5.5-inch 6s Plus. The expected similarity is one of the reasons that the iPhone 7 is being referred to as another interim release, rather than the full redesign typically seen every two years.
Elimination of traditional headphone jack: This expected change has gained steam this week with an apparent leak revealing new Beats headphones due to be announced at the event. Rumors suggest that Apple will debut both new wireless headphones and Beats headphones that use Lightning connectors, according to MacRumors.
Water resistance: The elimination of the headphone jack is also expected to allow improved water resistance and is a key reason for its removal.
New dual-camera: A better camera has become a de rigueur upgrade for any smartphone. In the last few months, dual-sensor cameras (aka, dual cameras) are just beginning to come into vogue on high-end phones. The larger iPhone 7 model could use a dual-camera system similar to Huawei’s P9 smartphone. The dual-cameras produce photos with more detail and perform better in low-light conditions. The camera sensors combine the two images to yield a single, merged photograph, according to a Bloomberg report.
New home button: Apple may replace the current buttons — which must be pressed down into the phone — with a flush, pressure-sensitive button.
Faster processors: It is almost certain that Apple will come out with a new generation of faster processors, most likely called the A10 processor, as follow-on to the current A9 chip.
So far, analysts are not overly impressed by the expected changes to Apple’s flagship device.
“As much as the updates are solid moves forward they sound fairly mundane,” Neil Saunders, managing director of research firm Conlumino, told FoxNews.com. “That said, there will likely be more interest in the new phone if only because consumers with iPhone 5 or 5s models who feel it is time to trade up. However, this isn’t a replacement for the demand created by a phone which represents a real step forward.”
Jitesh Ubrani, an analyst at market researcher IDC, agrees. “The minor changes and the major refresh expected in 2017 are partly the reason we forecast a decline for the iPhone in 2016,” Ubrani told Foxnews.com.
IDC published a forecast on Thursday that reinforced this outlook for Apple — though the report added: “IDC does expect a rebound in 2017 and beyond as iPhones reach nearly a quarter billion units in 2020.”
And what about the most-talked-about change, the elimination of the venerable headphone jack? “Apple’s rumored decision to remove the 3.5mm headphone jack will dramatically improve audio quality,” Rene Oehlerking, CMO at headphone maker Jaybird, told Foxnews.com. “Replacing the 50-year-old analog technology allows you to listen to digital music in its purest form and, along with the upcoming Bluetooth 5.0 release, paves the way for a massive leap in wireless adoption.”
Other expected announcements on September 7 include a new Apple Watch with GPS, a faster processor, and better health and fitness tracking. A new iOS 10 operating system is also expected, as is the latest operating system for Macs, called macOS Sierra.
of Pennington Biomedical Research Center in Baton Rouge, La. Credit: Pennington Biomedical Research Center
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