The Brentwood health care company IMAC Regeneration Centers is selling a biotech business it acquired last year.
IMAC is selling its biotech business BioFirm, which produces an umbilical cord stem cell product, to Self Care Regeneration for about $320,000.
In August 2018, IMAC paid $1,000 to acquire 70% of BioFirma. The company made BioFirma’s president Ian White IMAC’s chief scientific officer.
The sale means White will leave the company, becoming an external scientific advisor. White will be the chief scientific officer for Self Car Regeneration.
In the registration statement IMAC filed when it went public, the company stated that it planned to invest about $500,000 from the public offering into BioFirma. Part of that money was supposed to pay White for three years.
Following the sale, IMAC will still be able to buy BioFirma’s stem cell product at a discounted rate. IMAC expects the sale to close before the end of the year.
IMAC announced the sale a few days before releasing its third quarter financial results. Patient revenues for the third quarter of 2019 at the fast growing company increased by about 35% compared to the third quarter of 2018, but the total loss for the company also increased by about 50% for the same period.
IMAC recently expanded the footprint of an existing clinic in Missouri and opened two new clinics in Illinois.