Skyline Medical Inc (NASDAQ:SKLN) shares were up 11.31% on Wednesday to $0.183 and an additional 2.73% in after-hours trading. The company has a market cap of $30.73 million at 81.80 million shares outstanding. Share prices have been trading in a 52-week range of $0.08 to $6.76.
Skyline Medical Inc is is a medical device company that develops and manufactures The STREAMWAY System, which is a solution for the collection and disposal of infectious fluids that result from surgical procedures and post-operative care. It distributes these products to hospitals, surgical centers and other medical facilities where bodily and irrigation fluids produced during surgical procedures must be contained, measured, documented and disposed. The company also manufactures and sells two disposable products required for system operation: a bifurcated single procedure filter and tissue trap, and a single use bottle of cleaning solution, both of which are used on a single-procedure basis.
In a press release earlier this week, Skyline Medical Inc announced that it is signing a letter of intent to form a joint venture with Electronic On-Ramp Inc, which is a Native American Indian certified Small Disadvantaged Business owned by a Service Disabled Veteran. Electronic On-Ramp Inc has contracts with the U.S. National Institutes of Health and Department of Defense which are expected to give Skyline Medical Inc the chance to bid on procurement contracts of up to $550 million in federal funds budgeted for health, security, life safety systems support, humanitarian assistance and disaster preparedness.
We are very excited to enter into this new joint venture with EOR as it provides access to significant federal, state and local funds some 18 months ahead of Skyline’s previous plan, and advances our strategy to increase our operating room footprint,” said Dr. Carl Schwartz, Interim CEO of Skyline Medical Inc.
He added that the companies will work together to add contract vehicles specifically targeting environmental services and medical devices.
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