Key Developments: Encision Inc (ECIA.PK)
1.19USD
17 May 2013
$-0.09 (-7.03%)
$1.28
$1.20
$1.20
$1.15
31,341
13,246
$1.99
$0.73
Latest Key Developments (Source: Significant Developments)
Encision Inc and Virtual Ports Ltd. Announce Exclusive Distribution Agreement for Laparoscopic Surgery Devices
Encision Inc announced an agreement with Virtual Ports Ltd. (Virtual Ports) for exclusive distribution rights to the Virtual Ports' laparoscopic organ retraction products in the United States. Under the terms of the agreement, Encision will market and sell Virtual Ports' organ retraction products. Encision and Virtual Ports are both companies that develop, manufacture and market medical devices that bring a higher level of performance to laparoscopic surgery. Full Article
Encision Inc Announces Resignation Of Chairman-Form 8-K
Encision Inc reported in its Form 8-K that on January 16, 2013, Roger C. Odell resigned his positions as an executive officer, Chairman of the Board and as a member of the Board of Directors of Encision Inc. (Company), effective on January 17, 2013. Full Article
Encision Inc Completes $1.5 Million Common Stock Private Placement
Encision Inc announced that it had completed a private placement of 1,500,000 shares of its common stock. The private placement, which represents 19% of the total number of shares outstanding, will raise, before costs, a total of approximately $1.5 million. The purchase price per share for the shares sold in the private placement was $1.00, representing a discount of approximately 6% based on a 20-day volume-weighted average price as of March 30, 2012. Encision did not issue any warrants in connection with the transaction. The securities sold in the private placement have not been registered under the Securities Act of 1933, as amended (Securities Act), or applicable state securities laws. Accordingly, the securities may not be offered or sold in the United States except pursuant to an effective registration statement or an applicable exemption from the registration requirements of the Securities Act and such applicable state securities laws. The Company intends to file a registration statement to cover the shares issued in the private placement. The securities were offered only to accredited investors. Net proceeds from the sale of the shares will be used for sales, marketing and quality programs and needed product development to enable the Company to aggressively execute its business plan. said Fred Perner, President and CEO of the Company. Full Article
Encision Inc Announces Voluntary Recall Of Certain Electrode Product
Encision Inc announced that it initiated a voluntary recall on August 24, 2011 of certain electrode tips used in its AEM surgical systems after determining that certain tips could become susceptible to breaking off as a consequence of aggressive cleaning of the tip. The tips covered by the voluntary recall are Encision's ES388X Series Reusable Suction-Irrigation Electrodes. All of the affected instruments will be replaced at no charge to the customer. Encision has contacted customers by letter and will provide them with replacement instruments as soon as they are available. The Company has developed a replacement instrument and is currently working with the FDA to obtain approval of the replacement. Until the FDA provides its approval, the Company will not be able to provide replacement products to customers. In the interim, the Company has provided customers with the prior version of the product, which is not susceptible to the same issues as the recalled product. Full Article
Encision Inc Announces Board Changes
Encision Inc announced change in the Company's leadership. Encision has appointed Fred Perner as new President and Chief Executive Officer, effective September 19, 2011. Perner succeeds Jack Serino, who is stepping down to pursue other interests. Full Article
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