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Nerites Corp. sold to Pennsylvania firm

Nerites Corp. sold to Pennsylvania firm

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Nerites Corp., a Madison company developing medical and surgical adhesives, has been purchased by Kensey Nash Corp., of Exton, Pa., for $20 million in cash.

Based on the research of Northwestern University biomedical engineering professor Phil Messersmith, Nerites' technology is inspired by proteins secreted by mussels that let the marine creatures stick to the bottoms of boats.

Nerites has 10 employees, and all but CEO Shaun Lonergan will stay with the company and keep working at the Madison location, said Kensey Nash chief operating officer Douglas Evans. He said it will take three to five years to get Nerites' Medhesive technology to the market, and it will focus initially on hernia repair and bacteria-resistant medical devices.

Kensey Nash, founded in 1984, has 270 employees. Its stock is traded on the Nasdaq market. 

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