logo-loader
viewOzop Surgical Corp.

Ozop Surgical inks licensing agreement with Spinal Resources

Ozop will sell SRI’s Swedge product, an FDA approved pedicle screw system used to grip segments of the spine connected by a transition rod

Spinal surgery
The deal includes an option for Ozop to purchase SRI, applying any license fees, inventory purchases or other costs to the purchase price

Ozop Surgical Corp (OTCMKTS:OZSC), a spinal surgical device provider, has agreed a licensing agreement with Spinal Resources Inc (SRI).

In a statement on Monday, Ozop said it will sell SRI’s Swedge product, an FDA approved pedicle screw system used to grip segments of the spine connected by a transition rod.

The West Palm Beach, Florida company will receive immediate revenue for Swedge sales, and it expects a $2 million per year run rate within the first 90 days. 

The deal includes an option for Ozop to purchase SRI. If it does, any license fees, inventory purchases or other costs paid by Ozop could be knocked off the purchase price.

READ: Ozop Surgical inks $7 million Equity Purchase Agreement with GHS Investments

In addition to purchasing SRI’s existing inventory, Ozop also gets access to its product portfolio, which includes 3D-printed carbon fiber and polyetheretherketone technology. The company will also be able to sell its own products through SRI’s network of distributors.

“This relationship allows us to focus on developing a sustainable revenue strategy while continuing to drive innovation that treats disorders of the spine,” Ozop CEO Michael Chermak said in the statement. “The combined efforts will rapidly accelerate the sales efforts already in place through Spinal Resources.”

Ozop saw its shares slip 28% to below $0.04.

—Updated to include share price—

Contact Andrew Kessel at [email protected] 

Follow him on Twitter @andrew_kessel

Quick facts: Ozop Surgical Corp.

Price: 0.003 USD

OTCMKTS:OZSC
Market: OTCMKTS
Market Cap: $239.59 k
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of Ozop Surgical Corp. named herein, including the promotion by the Company of Ozop Surgical Corp. in any Content on the Site, the Company...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

OZOP Surgical makes headway on bringing its spine implant tech to market

OZOP Surgical Corp (OTCQB:OZSC) COO Thomas McLeer tells Proactive Investors the medical device company is making headway with its surgical implant devices. McLeer says over the next year the Florida based company is developing the first percutaneous spinal fusion implant system to allow...

on 01/15/2019

2 min read