A Medical Device Daily

Moog (East Aurora, New York) reported that it has purchased Thermal Control Products (Camarillo, California) for $7.5 million, including $4.3 million in cash, the balance due in notes payable over three years.

Thermal Control manufactures electronic cooling and air moving systems for the medical, automotive, telecommunications, server and electronic storage markets. Its blower assembly products are used in a variety of medical and industrial equipment; sales in the most recent fiscal year were $5 million.

"This acquisition gives us the opportunity to offer completely integrated blower assembly units for our medical customers, and quiet air movement solutions for our other industrial customers," said Larry Ball, VP and head of the components segment of Moog.

Moog said the acquisition will add about $2.2 million to Moog's Components segment 2007 sales in the last five months of the fiscal year ending September 29. The acquisition will be neutral to Moog's EPS for FY07.

Moog manufactures precision control components and systems that control military and commercial aircraft, satellites and space vehicles, launch vehicles, missiles, automated industry machinery, and medical equipment.

Novadaq Technologies (Toronto), a developer of real-time imaging systems and image-guided therapies for the operating room, reported completing the purchase of all intellectual property, certain capital assets and inventory from Xillix Technologies (Richmond, British Columbia). Novadaq first disclosed the potential acquisition last month (Medical Device Daily, April 24, 2007).

Assets purchased include an auto-fluorescence and multi-modal imaging portfolio of 31 patents and multiple pending applications in the U.S., Japan and Europe and licensed rights to certain fluorescence imaging technologies. Novadaq paid Xillix C$3 million, of which $1,075,000 was paid in cash and $1,925,000 paid by issuing 224,883 common shares, for $8.56 a share, the volume-weighted average trading price of Novadaq's shares on the Toronto Stock Exchange for five trading days preceding the execution of the purchase.

Novadaq's imaging platform can be used to visualize blood vessels, nerves and the lymphatic system during surgical procedures. Its SPY Imaging System enables cardiac surgeons to visually assess coronary vasculature and bypass graft functionality during open-heart surgery.

It also makes the OPTTX System, the HELIOS Imaging System, and the LUNA Imaging System. Novadaq is also the exclusive U.S. distributor of PLC Medical's CO(2) Heart Laser System for Trans-Myocardial Revascularization from PLC Medical (Franklin, Massachusetts), previously distributed by Edwards Lifesciences (Irvine, California).

In other dealmaking activity:

• J-Plasma Medical (Melville, New York), a manufacturer of electrosurgical products, reported purchasing the remaining 50% interest in its J-Plasma co-venture, thus having sole ownership of the medical device technology. Terms were not disclosed.

J-Plasma technology utilizes a gas ionization process producing a focused beam of ionized gas that can be controlled in a range of temperatures and intensities, providing the surgeon greater precision, minimal invasiveness and an absence of conductive currents during surgery, according to Bovie.

The company said that production prototypes have been developed for testing purposes. Intended areas of use include veterinary medicine and dermatology. Other possible uses contemplated are in gastroenterology, gynecology, urology and cosmetology.

Andrew Makrides, president of Bovie, said the acquisition confirms the company's commitment "to increasing its technology base as we progress toward initial stages of marketing several proprietary products, including J-Plasma."

Bovie also said that it will commence the marketing of its ICON GI electrosurgery generator at the Digestive Disease Week meeting this coming week and Society of Gastrointestinal Nurses and Associate meeting in late May 2007.