UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF
1934
Date of Report (Date of earliest event reported) November 30, 2009
Hydromer, Inc.
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(Exact name of registrant as specified in its chapter)
New Jersey 0-10683 22-2303576
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(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
35 Industrial Parkway
Branchburg, N.J. 08876
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (908) 722 - 5000
Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions (see General Instruction A.2. below):
( ) Written communications pursuant to Rule 425 under the Securities Act
(17 CFR 230.425)
( ) Soliciting material pursuant to Rule 14a-12 under the Exchange Act
(17 CFR 240.14a-12)
( ) Pre-commencement communications pursuant to Rule 14-2(b) under the
Exchange Act (17 CFR240.14d-2(b))
( ) Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange Act (17 CFR240-13e-4(c))
Item 2.01. Completion of Acquisition or Disposition of Assets
Press Release Announcing the sales of the Medical OEM Business to Forefront
Medical Technologies
EXHIBIT INDEX
Exhibit No. Description of Exhibit
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99.40 Press Release issued November 30, 2009
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
Hydromer, Inc.
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Registrant
/s/ Robert Y. Lee
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Robert Y. Lee
Date December 1, 2009 Chief Financial Officer
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HYDROMER, INC. SELLS MEDICAL OEM BUSINESS TO FOREFRONT MEDICAL
BRANCHBURG, NJ--(November 30, 2009) - Hydromer, Inc. (OTCBB: HYDI) announces the
sale of its Private Label Jejunostomy Catheter and Nasogastric Feeding Catheter
business to Forefront Medical Technologies. Forefront Medical Technologies is a
wholly owned subsidiary of Vicplas International Limited, a company registered
in the Republic of Singapore.
Under the terms of this agreement Forefront Medical Technologies ("Forefront")
will pay US$800,000 in cash to Hydromer, Inc.'s wholly owned subsidiary
Biosearch Medical Products, Inc. ("Biosearch"). $400,000 was payable upon the
effective date and the second $400,000 is held in escrow until the transition is
complete. The agreement also calls for Biosearch to assign certain customer
supply agreements to Forefront and for a 3 year non-compete provision. Biosearch
will continue to manufacture these products during the transition at an agreed
upon transfer price.
In addition, a separate supply agreement has been entered between the two
parties for the Hydromer(R) hydrophilic coating solution used on those products.
"This transaction was essential for our strategic realignment
allowing us to reclaim valuable medical clean room space for our higher margin
core business of medical coating services," commented Martin von Dyck, President
of Biosearch and Executive Vice President of Hydromer, Inc., adding, "In
addition to providing us with an enhanced ability to focus on the medical
coatings business and bolstering our balance sheet, we are now in a much
stronger position to self finance our continued R&D and marketing efforts in our
diversified product portfolio of T-HEXX(R) animal hygiene, Cosmetics and
Industrial coating technologies."
Hydromer, Inc. is a technology-based company involved in the research and
development, manufacture and commercialization of specialized polymer and
hydrogel products for medical device, pharmaceutical, animal health, cosmetic,
personal care, and industrial uses. For the latest information about Hydromer,
Inc. and its products, please visit our web site at http://www.hydromer.com. For
additional information please contact: Martin von Dyck, 908-722-5000, Executive
Vice President.
For additional information please contact:
Martin von Dyck
Executive Vice President
908-722-5000