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New York Health Care (NYHC), a home health care agency based in Brooklyn, NY, has acquired The Bio Balance Corp. in a stock-for-stock exchange. Bio Balance shareholders received 19.3 million shares of NYHC common stock after a 1-for-1.5 reverse split of the NYHC shares. The biotechnology company researches and develops probiotic agents — live microorganisms that stimulate the growth of healthy bacteria in an animal or human host — to treat irritable bowel syndrome and other gastrointestinal diseases.
Sales of an effective IBS treatment could exceed $1 billion a year, according to pharmaceutical company data.