John Brooks

The $10-million merger between ImaSight Corp. and Liponex Inc. has finally been completed.

Gatineau-based digital X-ray solutions maker ImaSight said today that it has closed the previously announced business combination transaction between itself and Ottawa's Liponex Inc., which makes 'good cholesterol'-increasing drugs to treat heart disease.

"We are pleased to acquire the assets of Liponex," said ImaSight CEO John Brooks in a statement. "I believe there is value in the patent portfolio of Liponex and we plan to realize on that value for the benefit of the shareholders."

As part of the deal, Liponex has changed its name to ImaSight Corp. and its common shares have been consolidated on a five-for-one basis.

The Toronto Stock Exchange on Monday announced that Liponex would be delisted from its main board at the end of the week, but that the company has also obtained approval to trade on the TSX Venture Exchange beginning next week.

Since the merger has now been completed, it is expected that ImaSight Corp., which was privately held before the deal, will begin trading on June 30 on the TSX Venture Exchange as a Tier 2 issuer under the symbol 'IAS.'

Liponex CEO Bill Dickie told the OBJ on Tuesday that he would be leaving the company, but Liponex founder and chief scientific officer Dr. Dan Sparks and his team of three would be staying on at the combined firm.

For more details about the Liponex-ImaSight merger, click Liponex considers $10M merger with ImaSight.