CA: Memphis firm that turns placentas into healing product plans to expand
A Memphis tech firm that turns the placenta of new mothers into a healing product sold to orthopedic surgeons throughout the nation expects to double in size to about 100 employees following its purchase by a wound care company.
Derma Sciences Inc. of Princeton, New Jersey, disclosed last week it had acquired BioD LLC for $21.3 million up front and potentially nearly $78 million.
On Thursday, BioD chief executive Russell Olsen outlined future prospects for the 50-employee east-side firm.
BioD will stay in the city and most likely expand as Derma markets the healing products and opens new avenues by licensing BioD technology with the U.S. Food and Drug Administration, Olsen said.
“BioD will continue to operate in Memphis,” said Olsen, who will remain CEO under the new owner.