Tegal Corp. to buy CollabRx Inc.
Published: Monday, July 2, 2012 at 2:21 p.m.
Last Modified: Monday, July 2, 2012 at 2:21 p.m.
Petaluma emerging tech investor Tegal Corp. announced an agreement Monday to acquire CollabRx, move the last vestiges of the company away from Sonoma County and change its name.
The combined company, which will be based in San Francisco, will seek approval from Tegal shareholders in September to change its name to CollabRx. Tegal CEO Thomas Mika and CollabRx CEO James Karis will serve as co-CEOs following the merger.
Founded in 2008, CollabRx offers Internet-based apps that link doctors, researchers and patients with its network of clinical and scientific advisors to interpret data used to make health care decisions, including cancer treatments.
Under the agreement, Tegal will issue 236,433 shares of common stock, valued at $1.2 million Monday, and assume $500,000 of CollabRx debt.
Tegal stock jumped 44 percent Monday, to $5.18 a share, on the Nasdaq.
Tegal, which made equipment used to fabricate computer chips for almost four decades, ceased manufacturing in Petaluma in 2010, sold off its product lines and began investing in energy and med-tech companies.
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