Zila receives $4 million for sale of remaining dental supply operations
Zila, Inc., international provider of healthcare and biotechnology products and services for dental/medical professionals and consumers, announced it has received a cash payment of four million dollars from PracticeWares, Inc., in connection with the sale of the Zila Dental Supply mail order business. Zila has also received a 19 percent ownership interest in PracticeWares (on a fully diluted basis).
Zila President and Chief Executive Officer Doug Burkett, Ph.D., said, "With the divestiture of the dental supply business behind us, management is focused on advancing our OraTest(R) and Zila(R) Tolonium Chloride program; improving efficiencies and cutting costs; eliminating unprofitable projects; and building our pharmaceutical and nutraceutical business."
Dr. Burkett added, "While management expects the Company will now have sufficient funds to support its aggressive plans for the OraTest Phase III clinical trial in the next fiscal year, we are also pursuing strategies that, if completed, would provide significant alternative funding for the clinical trial, and a strategic alliance to help Zila realize the potential of the OraTest technology."
