Minnesota’s newest public company has no revenue and just three employees.
Last week, Eden Prairie-based PetVivo, Inc., a private company, completed a “reverse merger” with the public Technologies Scan Corporation, which is traded on the “over-the-counter” stock market. Reverse mergers are a process through which a private company essentially skips the typically cumbersome process of an initial public offering by being acquired by a public company.
Technologies Scan Corporation was based in Quebec, but incorporated in Nevada, and it was formed to create touchscreen computer products for pharmacies. Its stock, which has been trading under the “TENP” symbol, closed at four cents per share on Monday.
PetVivo bills itself as an “emerging biomedical device company” that’s focused on commercializing products to treat pets, not people. The combined company created by the reverse merger has filed to change its name to PetVivo Holdings, Inc., and John Lai, who cofounded PetVivo in August 2013, will be CEO of the company.
“It gives us more visibility into the public marketplace,” Lai told Twin Cities Business of the reverse merger.
Lai said that the company is hoping to start selling its first product, an injection to treat arthritis in dogs and horses, by the end of the year.
“We are in the process of working on a consumer name for it,” Lai said of the company’s first product.
Lai said that PetVivo is licensing its technology from St. Paul-based Gel-Del Technologies, Inc.
Ultimately, Lai hopes that PetVivo will have a higher profile as a public company.
“The plan is to eventually move into a more visible exchange,” Lai said.