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TearLab Corp. has closed the acquisition of the assets of the OcuHub business unit from AOAExcel Inc.-the for-profit subsidiary of the American Optometric Association (AOA).
San Diego-TearLab Corp. has closed the acquisition of the assets of the OcuHub business unit from AOAExcel Inc.-the for-profit subsidiary of the American Optometric Association (AOA).
As of the close of the transaction, the OcuHub-purchased assets and business activities will be operated out of a fully owned subsidiary of TearLab.
Barry Barresi, OcuHub’s chief executive officer (CEO) and former executive director of the AOA, will remain in his position at TearLab’s OcuHub subsidiary.
The net purchase was about $1.4 million-paid in cash-and the company is in the process of completing the analysis of the accounting treatment of the transaction.
“We believe that the OcuHub offering is completely aligned with our corporate mission to partner with the eye-care community to deliver innovative technologies that enable doctors to provide the highest quality of care for their patients,” said Elias Vamvakas, TearLab’s CEO. “We are excited to welcome Barry and his team to the TearLab family and look forward to updating everyone on OcuHub’s progress as we move forward.”
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