On June 17, 2011, Shares of New York Health Care, Inc. (PINK: BBAL) and its holding Company BioBalance Corporation will be acquired by Enterologics, Inc. (ELGO.OB).
ELGO will also acquire BioBalance’s portfolio of intellectual property and regulatory filings. The acquisition will be in the form of cash, stock and a 3-year promissory note. The sale is contingent upon receiving approval by NYHC’s shareholders, with an expected closing date of no later than September 30, 2011.
Bob Hoerr, Enterologics’ president said that “The fact that BioBalance was able to establish an active IND for E. coli M17 made it very attractive for acquisition. This further demonstrates the validity of our planned commercialization of high value probiotics as biologic drugs for specific gastrointestinal (GI) conditions.”
Shares of the company skyrocketed 550% and is currently trading at $0.065 with volume of 1.61 million shares traded. The stock surged to the new annual high of $0.08, its annual low being $0.00. The market cap of the stock stands at $2.52 million with P/E of 11.70.
New York Health Care, Inc. is engaged in two industry segments, the delivery of home healthcare services (the home healthcare business) and, since the acquisition of BioBalance, the development of biotherapeutic agents for the treatment of various gastrointestinal (GI) disorders.
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