Nu-Med to Partly Spin Off 6 Medical Facilities
Nu-Med Inc. in Encino plans to partly spin off six of its medical facilities to the public through a newly organized company called PsychGroup Inc.
PsychGroup, based in Wayne, Pa., operates five psychiatric hospitals and one substance-abuse treatment center, most of which are near Philadelphia. The company plans to offer to the public 1.3 million common shares, or 18% of its equity, for between $10 and $12 a share, according to a filing with the Securities and Exchange Commission.
Nu-Med plans to offer an additional 1.7 million shares of PsychGroup, which would leave Nu-Med with a controlling 59% of the company’s stock after all of the shares are sold to the public.
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