N2 Biomedical LLC acquired substantially all of the assets of Spire Biomedical, Inc. from Spire Corp. (OTCPK:SPIR) for $10.6 million on September 18, 2013. The purchase price for the assets was $10.5 million plus the assumption of liabilities of approximately $0.1 million, with $6.0 million paid in cash at closing, a $2.4 million subordinated convertible promissory note, and approximately 0.31 million Series A Preferred Units of N2 Biomedical valued at approximately $2.1 million. The board of directors, including all of the disinterested directors have unanimously approved the transaction. The transaction was subject to the buyer having arranged for financing the cash portion of the transaction. Nutter McClennen & Fish LLP acted as legal advisor for N2 Biomedical LLC. Greenberg Traurig, LLP acted as legal advisor for Spire Corp.

N2 Biomedical LLC completed the acquisition of substantially all of the assets of Spire Biomedical, Inc. from Spire Corp. (OTCPK:SPIR) on September 18, 2013.