Artaflex cancels acquisition deal with MTI International

Artaflex announced yesterday that it delivered formal notice to MTI International, terminating its plan of merger and agreement dated as of July 17, 2012. A press release from Artaflex stated it was unable to satisfy the condition precedent under the Acquisition Agreement of obtaining certain consents unrelated to MTI by the agreed closing date. In a related announcement, the previously announced 15.3 million USD financing package to be provided by Kilmer Capital Partners to Artaflex will not proceed.