A Texas company could buy Baltimore medical device maker eNeura for $65 million under a deal the companies struck in March.
Orthofix International is loaning eNeura $15 million and already paid the company $250,000 as part of the agreement, detailed in Securities and Exchange Commission filings. It has 18 months to decide whether to proceed with acquiring eNeura.
Based in the University of Maryland BioPark, eNeura is developing a device that can be used to relieve migraine pain. The Food and Drug Administration approved the device in December 2013.
Orthofix is a medical device company based in Lewisville, Texas, and founded in Italy, according to its website. Its stock, traded on the Nasdaq exchange, rose 15 percent Tuesday to close at $35.79 as it also announced its fiscal third quarter financial performance. Orthofix posted a $452,000 profit in the quarter, after reporting a loss in the same period a year earlier.