Biocure buys needle disposal company

Biocure Holdings has bought a company roughly twice its size, Needle Incinerator Company (NIC), a specialist in the on-site disposal of medical biohazardous waste which has developed an innovative needle disposal system. Biocure is paying for the deal by issuing 100,537,578 new ordinary shares to the current shareholders of NIC, valuing NIC at around pounds 27.7m.

The company is also changing its name to Medisys, and has appointed Michael Coy, Brian Timmons and James Chan, directors of NIC, to the board of Biocure as managing director, finance director and commercial director respectively.

Biocure is also delisting from the Official List and transferring to AIM. It will hold an EGM on 25 July to seek shareholder approval, and dealing on AIM will start on 28 July. NIC's needle disposal products are forecast to have a big impact in the US and Mexico. NIC made losses of pounds 668,000 in the year to 31 May1996, and losses of pounds 990,000 in the seven months ended 31 December 1996.