CytoCore to merge with another maker of cancer diagnostic equipment

CytoCore has agreed to acquire Orlando-based Medite Group, another maker of cancer diagnostic equipment, in an all stock deal.

“The new demands being placed on labs resulting from the passage of the Affordable Care Act, and the 1.6 million new cancer cases (2012) in the U.S., the combined company will leverage its expertise to continue developing new cancer diagnostic tools to improve early detection of these cancers,” the companies said in a joint statement.

Medite shareholders will control 80 percent of the combined company, which will be based in Orlando. The purpose of the reverse merger is Medite will gain CytoCore’s U.S. stock listing, spokeswoman Janine McCargo told the Orlando Business Journal.

h/t Chicago Business Journal