A Medical Device Daily
In the Deals roundup column of Wednesday's issue of Medical Device Daily, the price of a deal between AngioDynamics (Queensbury, New York) and FlowMedica (Fremont, California) was incorrectly reported as $175 million. In fact, AngioDynamics has agreed to pay $1.75 million for certain assets of FlowMedica, a private company in the field of targeted renal therapy (TRT). MDD regrets the error.
The deal includes a contingent payment based on fiscal 2011 sales of Benephit products. AngioDynamics also said it has hired 10 FlowMedica employees and plans to continue to operate from FlowMedica's Fremont office. In fiscal 2009, the company expects the FlowMedica acquisition to have a modest impact on net sales and to be $0.01 a share dilutive to earnings. In fiscal 2010, the acquisition is expected to produce incremental sales of $3 million, and to be accretive to earnings.
According to the company, TRT is a therapeutic approach that delivers drugs directly to the kidneys in order to prevent and treat acute kidney injury. The company said that Benephit infusion products deliver therapeutic agents directly into both renal arteries through dedicated infusion catheter and sheath systems while allowing simultaneous interventional coronary, peripheral, endovascular and surgical procedures.
AngioDynamics said that TRT could also be employed for stand-alone renal drug delivery in other hospital settings when desired. The Benephit systems have received FDA 510(k) clearance and the CE mark, and are commercially available, the company noted.