bd-leverages-artificial-intelligence-to-transform-microbiology-urine-testing

BD Leverages Artificial Intelligence To Transform Microbiology Urine Testing

 

BD (Becton, Dickinson and Company) (NYSE: BDX), a leading global medical technology company, today announced the U.S. launch of a Urine Culture Application for use with the BD Kiestra™ lab automation incubation and imaging system that can transform the way microbiology labs approach urine culture analysis.

Designed using artificial intelligence (AI) and leveraging the quality of BD BBL™ plated media, the application uses digital imaging and software algorithms to determine the amount of growth on a urine culture plate from clean caught and catheterized samples. The BD Kiestra™ system’s intelligent incubation and imaging device uses high-throughput robotics to perform time series imaging, coupled with machine learning so that plates with no significant growth can be released for disposal and plates with significant growth automatically go into a queue for clinician analysis.

In many labs, urine cultures make up a significant part of the daily workload — however, the majority of those samples have no growth or non-significant growth and don’t require any additional work-up. Batch review of large volumes of plates with non-significant growth and release can help medical laboratorians focus their time and expertise on more clinically relevant tasks.

“The use of the Urine Culture Application to automatically organize specimens into meaningful worklists driven by user-defined expert rules for critical criteria such as ‘high risk patients’ or ‘complex specimens’ will help laboratories work more efficiently and better prioritize their efforts to focus on the most critical and complex specimens,” said Cecilia Soriano, vice president and general manager for Microbiology at BD Integrated Diagnostic Solutions. “Reading plates is one of the laboratory tasks that requires the most skill and given the decrease of skilled technicians entering the workforce and the strain on resources created by the COVID-19 pandemic, it’s that much more critical for labs to be able to be more efficient.”

Powered by BD Synapsys™ informatics solution, the BD Kiestra™ Urine Culture application (UCA) may help improve lab efficiency and enhance quality by providing diagnostically relevant, standardized images for interpretation by laboratory staff. The new Urine Culture app can be used with both standalone BD Kiestra™ ReadA systems as well as track-based BD Kiestra™ laboratory automation solutions.

gridsum-holding-inc.-announces-shareholders’-approval-of-merger-agreement

Gridsum Holding Inc. Announces Shareholders’ Approval of Merger Agreement

 

Gridsum Holding Inc. (“Gridsum” or the “Company”) (NASDAQ:GSUM), a leading provider of cloud-based big-data analytics and artificial intelligence (“AI”) solutions in China, today announced that at an extraordinary general meeting of shareholders held today, the Company’s shareholders voted in favor of, among other things, the proposal to authorize and approve (i) the previously announced agreement and plan of merger, dated as of September 30, 2020 (the “Merger Agreement”), by the Company, Gridsum Corporation (“Parent”), and Gridsum Growth Inc. (“Merger Sub”), pursuant to which Merger Sub will merge with and into the Company, with the Company continuing as the surviving company and becoming a wholly owned subsidiary of Parent (the “Merger”), (ii) the plan of merger required to be filed with the Registrar of Companies of the Cayman Islands (the “Plan of Merger”), and (iii) the transactions contemplated by the Merger Agreement and the Plan of Merger, including the Merger.

Approximately 98% of the Company’s total outstanding Class A ordinary shares and Class B ordinary shares, per value US$ 0.001 per share (each, a “Class A Share” and “Class B Share,” respectively), including Class B Shares represented by the Company’s American depositary shares (the “ADSs”), attended the extraordinary general meeting by proxy or in person. Each shareholder has ten votes for each Class A Share held, or one vote for each Class B Share held. These shares represented approximately 99% of the total outstanding votes represented by the Company’s total ordinary shares outstanding as of the close of business in the Cayman Islands on the share record date of February 8, 2021. The Merger Agreement, the Plan of Merger and the transactions contemplated thereby, including the Merger, were approved by over 99% of the total votes cast at the extraordinary general meeting.

Completion of the Merger is subject to the satisfaction or waiver of the closing conditions set forth in the Merger Agreement. The Company will work with the other parties to the Merger Agreement towards satisfying the closing conditions and complete the Merger in a timely manner. If and when the Merger is completed, the Company will become a private company and its ADSs will no longer be listed or traded on any stock exchange, and the Company’s ADS program will be terminated.

ossen-innovation-enters-into-definitive-merger-agreement-for-going-private-transaction

Ossen Innovation Enters into Definitive Merger Agreement for Going Private Transaction

 

Ossen Innovation Co., Ltd. (the “Company“) (Nasdaq: OSN), a China-based manufacturer of an array of plain surface, rare earth and zinc coated pre-stressed steel materials, today announced that it has entered into a definitive Agreement and Plan of Merger (the “Merger Agreement“) with New Ossen Group Limited, an exempted company with limited liability incorporated under the Law of the British Virgin Islands (the “Parent“), and New Ossen Innovation Limited, an exempted company with limited liability incorporated under the Law of the British Virgin Islands and a wholly-owned Subsidiary of Parent (“Merger Sub“), pursuant to which the Parent will acquire the Company for US$1.70 in cash per ordinary share of the Company (the “Shares“), or US$5.10 in cash per American Depositary Share of the Company (each, an “ADS“, representing three Shares).

Subject to the terms and conditions of the Merger Agreement, at the effective time of the merger (the “Effective Time“), Merger Sub will merge with and into the Company, with the Company surviving the Merger as the surviving company and becoming a wholly-owned subsidiary of Parent (the “Merger“). At the Effective Time, each of the Company’s ordinary shares issued, outstanding and not represented by ADS immediately prior to the Effective Time, other than the Excluded Shares and the Dissenting Shares (each as defined in the Merger Agreement), will be cancelled and cease to exist in exchange for the right to receive US$1.70 in cash and without interest, and each ADS of the Company, other than ADSs representing the Excluded Shares, together with each Share represented by such ADSs,  will be cancelled in exchange for the right to receive US$5.10 in cash without interest.

Pujiang International Group Limited (the “Sponsor“) has entered into an equity commitment letter with the Parent, pursuant to which the Sponsor committed to invest in the Parent at or immediately prior to the Effective Time an aggregate cash amount equal to US$12.5 million. The Sponsor has entered into a limited guarantee in favor of the Company in respect of certain payment obligations of Parent under the Merger Agreement.

The Company’s board of directors (the “Board“), acting upon the unanimous recommendation of a committee of independent and disinterested directors established by the Board (the “Special Committee“), approved the Merger Agreement and the Merger and resolved to recommend that the Company’s shareholders vote to authorize and approve the Merger Agreement and the Merger. The Special Committee negotiated the terms of the Merger Agreement with the assistance of its financial and legal advisors.

The Merger, which is currently expected to close during the first half of 2021, is subject to customary closing conditions including the approval of the Merger Agreement by an affirmative vote of holders of Shares representing at least a majority of the Shares present and voting in person or by proxy at a meeting of the Company’s shareholders which will be convened to consider the approval of the Merger Agreement and the Merger. Pujiang International Group Limited, which is controlled by Mr. Liang Tang, has agreed to vote all of the Shares they beneficially own, which represent approximately 65.9% of the voting rights attached to the outstanding Shares as of the date of the Merger Agreement, in favor of the authorization and approval of the Merger Agreement and the Merger. If completed, the Merger will result in the Company becoming a privately-held company and its ADSs will no longer be listed on the Nasdaq Capital Market.

Houlihan Lokey (China) Limited is serving as the financial advisor to the Special Committee. DLA Piper LLP is serving as the U.S. legal counsel to the Special Committee. Ogier is serving as British Virgin Islands legal counsel to the Special Committee. Becker & Poliakoff, LLP is serving as the U.S. legal counsel to the Company. Wilson Sonsini Goodrich & Rosati is serving as the U.S. legal counsel to Parent and the Sponsor.

Additional Information About the Merger

The Company will furnish to the U.S. Securities and Exchange Commission (the “SEC”) a current report on Form 6-K regarding the Merger, which will include as an exhibit thereto the Merger Agreement. All parties desiring details regarding the Merger are urged to review these documents, which will be available at the SEC’s website (http://www.sec.gov).

In connection with the Merger, the Company will prepare and mail a Schedule 13E-3 Transaction Statement (the “Schedule 13E-3”). The Schedule 13E-3 will be filed with the SEC. INVESTORS AND SHAREHOLDERS ARE URGED TO READ CAREFULLY AND IN THEIR ENTIRETY THE SCHEDULE 13E-3 AND OTHER MATERIALS FILED WITH THE SEC WHEN THEY BECOME AVAILABLE, AS THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE COMPANY, THE MERGER, AND RELATED MATTERS. In addition to receiving the Schedule 13E-3 by mail, shareholders also will be able to obtain these documents, as well as other filings containing information about the Company, the Merger, and related matters, without charge from the SEC’s website (http://www.sec.gov).