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Oculus Innovative Sciences Inc Announces Plan To Spin Off Biotechnology Business


Thursday, 10 Jan 2013 08:08am EST 

Oculus Innovative Sciences Inc announced that Board of Directors has unanimously approved a spin-off of biotechnology business, Ruthigen, Inc. Oculus expects the spinoff to be a tax-free stock distribution and ultimately anticipates Ruthigen to become an independent NASDAQ-traded company. Oculus has retained bankers and financial advisors for the spinoff, and expects the spinoff to be completed in 2013. Execution of the transaction requires further work relative to structure, governance and other matters and risks. Upon completion of the spinoff, Hoji Alimi, founder and current Chief Executive Officer of Oculus, will remain on the Board of Directors at Oculus and serve as Chairman and Chief Executive Officer of Ruthigen, Inc. Jim Schutz, the current Chief Operating Officer and Director of Oculus, will assume the role of Chief Executive Officer of Oculus, with a new Board Chair to be elected shortly. Each company will operate with independent management teams and Boards of Directors to establish separate governance and financials as required by accounting rules. Additional details regarding structure will be determined and disclosed at a later time. 

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2.28
0.07 +3.17%
19 Sep 2014