Entest signs letter of intent to buy three more animal hospitals
SAN DIEGO— Entest BioMedical, a company developing an immunotherapeutic cancer treatment for dogs, signed a letter of intent to buy three veterinary hospitals in Orange County.
The company reports the acquisition will generate about $900,000 in new revenue and will help the company execute on its strategic goal of creating a network of animal hospitals, In January, the company closed on the purchase of Santa Barbara's McDonald Animal Hospital. These acquisitions are estimated at bringing Entest revenues of about $2 million a year in the veterinary hospital segment.
"Initially, Entest plans on focusing on veterinary acquisition candidates in California, with future plans to expand into other states," company officials say.Last November, Entest unveiled a safety study for an immunotherapeutic cancer vaccine for dogs currently in development. Entest also initiated a collaboration with RenovoCyte LLC and Medistem Inc. to explore the development of a stem-cell therapy for treating hip dysplasia in dogs.