Business Notebook: Misonix Settles Litigation, Announces New Distribution

Misonix, Inc., a medical device company that manufactures ultrasonic products announced that it has settled the lawsuit brought against it by PuriCore International Limited and PuriCore plc. (together "PuriCore") in connection with the sale to PuriCore of Misonix's Labcaire business in August of 2009.  

The settlement involves the forgiveness by Misonix of up to $1 million of not booked, contingent commission payments on future sales of Labcaire products. PuriCore will continue to pay the $750,000 remaining on the Loan Notes issued as part of the original Stock Purchase Agreement. Misonix also agreed to pay $650,000 towards PuriCore's legal costs.  

As part of the settlement, Misonix and PuriCore, Inc., a U.S. subsidiary of PuriCore, entered into a Product License and Distribution Agreement whereby Misonix will distribute, on a limited exclusive basis with respect to other therapeutic ultrasound companies in the United States, a private label version of PuriCore's Vashe® wound therapy product.

 "We are very pleased to have resolved the dispute with PuriCore," said Michael A. McManus, president and chief executive officer of Misonix. "Managing a lawsuit in the U.K. and legal expenses associated with the case were consuming valuable senior management time and resource.  We believe the resolution of this lawsuit is in the best interest of shareholder value and the continued growth of Misonix."

ProCare Expanding to Connecticut

ProCare Long Term Care, based in Farmingdale, will begin dispensing pharmaceuticals and related services to some 11 Connecticut nursing homes, assisted- and independent-living centers and other care facilities by late summer, said Paul Meyeroff, ProCare's chief operating officer.

Meyeroff said tt is ProCare's first expansion outside New York, Meyeroff said. The Connecticut division will open in late August or early September once it hasl licensing approvals from Connecticut's consumer protection agency and state Medicare and Medicaid, as well as the federal Drug Enforcement Administration.

Bed, Bath & Beyond Launches Web Videos

Bed Bath & Beyond has created three online videos to help make the college shopping experience easier. The videos are housed at www.bedbathandbeyond.com offer solutions for things like making a clean and comfortable college bed and ideas to help maximize the space in a dorm room.