MELBOURNE – Control Bionics Ltd said on Wednesday its U.S. subsidiary has agreed to acquire the remaining stake in Neuro Elite Athletics LLC, the company behind the NeuroBounce athletic performance program, in a deal valued at about US$500,000.
Control Bionics Ngage Inc. will purchase the outstanding 77.83% interest for US$389,150 through the issuance of shares in the Australian-listed medical device company. Based on the closing price of A$0.079 on Dec. 2, the transaction would equate to roughly 7.5 million shares, or 1.9% of issued capital. The shares will be subject to a 12-month escrow.
The acquisition, expected to close later this month pending due diligence, will give Control Bionics full ownership of Neuro Elite Athletics, including its intellectual property, staff and assets.
Control Bionics said the deal strengthens integration between NeuroBounce’s neuromuscular activation program and its NeuroStrip EMG technology platform, supporting expansion into sports performance and rehabilitation markets in the United States and Australia.
“Bringing the business fully into Control Bionics allows us to integrate it more tightly with our technology and commercial teams,” Chief Executive Jeremy Steele said.
Neuro Elite Athletics founder Steve Bennett said the partnership would accelerate innovation and deliver greater value to athletes, teams and coaches.